Market focus is largely attuned to Federal Reserve Chairman Jerome Powell's testimony before the Congress on Wednesday and Thursday.
Powell said he is expected to talk about slowing economic activity and increased risks, showing that the Fed is ready to cut interest rates as needed.
However, Powell is also likely to keep the markets — and the White House — guessing about how soon and how deep the Fed intends to trim rates, when it meets at the end of July. The prevailing view, priced into the futures market, is for a 100% chance of a quarter point rate cut July 31. Traders have been anxious about the Fed after a stronger-than-expected jobs report raised questions about the central bank's rate policy.
On the data front, there will be wholesale trade data at 10 a.m. ET. Furthermore, the Fed is releasing the minutes of its last meeting at 2 p.m. ET. Meanwhile, the U.S. Treasury is set to auction $40 billion in 4-week bills, $35 billion in 8-week bills and $16 billion in 30-year bonds.
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