In today's update:
1) Stocks dropped from record highs on Friday after a stronger-than-expected jobs report cast doubt on a potential interest rate cut by the Federal Reserve. The Dow Jones Industrial Average dropped 43.88 or 0.16%, the S&P 500 fell 5.41 or 0.18% while The Nasdaq 100 closed lower by 8.44 or 0.10% and the Russell 2000 closed higher by 3.50 or 0.22%.
2) Crude Oil Futures rose slightly gaining $0.22 or 0.38% while Gold Futures slid $19.70 or 1.39% on strength in the U.S. dollar. The Bond Market dropped sharply Friday and the yield on the 10-year Treasury Note settled at 2.037%.
3) Federal Reserve chairman Jerome Powell will testify before the House Financial Services Committee on Wednesday and at the Senate Banking Committee on Thursday where he is expected to answer questions on the economy and Fed policy. His testimony could be a make-or-break event for the U.S. Equity markets as Traders and Investors will be paying very close attention to his every word.