The Dow Jones Industrial Average Index surges after the publication of Jerome Powell's testimony

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the
Dow Jones Industrial Average
recorded pre-opening losses and gained more than 100 points following the release of comments prepared by Fed Chairman Jerome Powell.

The Dow rose 111.72 points, or 0.4%, to 26,895.21, while the
S & P 500
increased by 0.5% to 2993.75, and the
Nasdaq Composite
gained 0.7% to 8199.59.

In the prepared text, Powell notes that investment has slowed due to trade fears, that economic growth may have slowed and that uncertainties since the May meeting have made the economic outlook more uncertain. "The apparent progress on trade has created greater uncertainty and our contacts in the fields of business and agriculture are raising concerns about the evolution of trade," says the text. "Growth indicators around the world have disappointed on the net, raising fears that the weak global economy will continue to affect the US economy."

For outside observers, this looks like preparing for at least one rate cut in July and more to come.

"It looks like we're going to have the" Dove "scenario," writes Andrew Brenner of NatAlliance Securities.

"The testimony prepared by Powell has created a climate of deep uncertainty about global trade and growth since the June FOMC meeting, which has clouded the outlook," says Ian Lyngen of BMO. "

And the market is apparently in agreement.

Markets Now is a quick overview of what is happening with the Dow Jones Industrial Average and other major market indices. Do not forget to check out the rest of Barron's market coverage.

Write to Ben Levisohn at [email protected]