These are the stocks posting the largest moves before the bell.Market Insiderread more
Home Depot's CEO says the retailer cut its outlook partly due to "the potential impacts to the U.S. consumer arising from recently announced tariffs."Retailread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Nobel prize winner Robert Shiller takes issue with the Federal Reserve's rate cut in July because of the psychological harm it caused the markets.Marketsread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
Energy stocks may be fueling up for a comeback rally. One technical analyst says that after the sector's pummeling, these two stocks look particularly good.Trading Nationread more
Kohl's said Tuesday that a strong start to the back-to-school season and new partnership with Amazon helped the retailer beat Wall Street earnings expectations during the...Retailread more
While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
Dow set to rise; White House denies payroll tax cut report; China tweaks interest rates; Home Depot worries about trade war; Beyond Meat gets an upgradeMarketsread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
The final vote was 85 to 12 in favor of confirmation.
Powell — known more casually as "Jay" — assumes the top Fed position following his nomination by President Donald Trump in November. He comes to the position amid a critical time for the Fed, which is normalizing policy after years of extraordinary accommodation triggered by the financial crisis.
Though he was confirmed Tuesday, he likely won't officially assume his duties until Janet Yellen's term expires in February. Yellen has said she will leave the Fed after Powell is sworn in, though her term does not expire until Jan. 31, 2024.
Where Fed chairmen tend to be economists, Powell comes to his position with a more markets-based background, particularly in venture capital. Previous stints included time at the Carlyle Group, Severn Capital Partners and the Global Environmental Fund.
In addition, he spent time at the Treasury Department and most recently, before coming to the Fed in 2012, served as a visiting scholar at the Bipartisan Policy Center think tank.
His policy positions are mostly expected to run at least close to Yellen, though some of his comments indicate he may be a bit more hawkish on monetary policy — that is, inclined to raise rates — and somewhat looser on bank regulation, particularly as it pertains to community and regional banks.
Those views will be critical in forging the road ahead.
The Fed has begun a long and cautious road back to policy normalization, with five interest rate hikes since December 2015. In addition, central bank officials have indicated that three more increases likely are on the way in 2018, a view the market recently has adapted as well.
Along with the rate hikes comes a reduction in the Fed's balance sheet — a $4.5 trillion portfolio of mostly Treasurys and mortgage-backed securities, the great majority of which were acquired in three rounds of bond buying called quantitative easing. The Fed embarked on the program in an effort to pull down borrowing rates and, indirectly or not, drive investors into riskier assets like stocks and corporate bonds.
The Fed currently is allowing a capped level of proceeds from the bonds to run off each month, with a top level of $50 billion in a year. Some market participants have speculated that if inflation starts running hotter that a Powell Fed might get more aggressive with the balance sheet reduction.
Powell's term runs for four years. Yellen is the first Fed chair since G. William Miller during the Jimmy Carter administration to serve less than two terms.