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Fed Chairman Powell said on Wednesday that the US economy and labor market are still facing challenges, so monetary policy needs to be “patiently loose.” Powell said that the job market “has a long way to go before it returns to its proper state.”

Powell reiterated that the U.S. economy still needs stimulus support, and the job market is still far from recovery

Fed Chairman Powell emphasized in his speech on Wednesday: The US economy needs more support. He stated that the restoration of full employment “will require the protection of the whole society” and that “not just supportive monetary policies” will be adopted.

Powell stated that the central bank “will not tighten its policies” until the economy recovers strongly, the labor market rebounds generally benefit the vast population, and the people hardest hit by the epidemic are out of trouble. Analysts believe that his remarks tend to be dovish.

Although Powell admitted that the inflation rate data for later this year may be higher than last year, he said that he does not expect significant or sustained increases in the prices of core commodity categories.

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   Royal Dutch Shell, Eni Oil (21.42, -0.15, -0.70%), Total (42.14, -0.20, -0.47%), Exxon Mobil (49.84, -1.28, -2.50%) and other oil stocks fell.

   Pepsi’s 2020 full-year profit per share was US$5.12, compared with US$5.2 in the same period last year.

  AstraZeneca (50.09, 0.00, 0.00%) fourth-quarter revenue and net profit were better than expected.

According to reports, Tesla (811.66, 6.84, 0.85%) Berlin Gigafactory may soon obtain another “pre-approval.”

   Pinterest (87.03, 5.91, 7.29%) stock price rose. Rumor has it that Microsoft (244.49, 1.67, 0.69%) tried to acquire Pinterest, but the conversation between the two has been suspended.

  Uber‘s fourth-quarter revenue and net profit fell short of market expectations. Guggenheim raised Uber’s target price from $47 to $75.

The Bank of New York Mellon (42.13, 0.39, 0.93%) plans to accept cryptocurrency.

   Novavax Pharmaceuticals is close to reaching an EU new crown vaccine supply agreement.

Tyson Foods (65.34, -3.94, -5.69%) adjusted earnings per share for the first fiscal quarter was 1.94 US dollars, the market expected 1.53 US dollars.

Grofers, an Indian online grocery startup invested by SoftBank Group, is reported to be considering a special purpose acquisition company (SPAC) listing in the United States, seeking to reach a deal with SPAC at a valuation of $1 billion.

The U.S. government requires the Federal Court to suspend the TikTok ban.

Other markets

The major European stock indexes closed mixed on Thursday. The German DAX30 index closed up 0.79%, the British FTSE 100 index closed up 0.08%, the French CAC40 index closed down 0.02%, and the European Stoxx 50 index closed up 0.63%.

The price of gold futures for April delivery on the New York Mercantile Exchange fell by US$15.90, or 0.9%, to close at US$1,826.80 per ounce.

The price of silver futures for March delivery fell 3 cents, or 0.1%, to close at $27.047 per ounce.

The price of West Texas Intermediate Crude Oil (WTI) for March delivery on the New York Mercantile Exchange fell 44 cents, or nearly 0.8%, to close at US$58.24 per barrel. Prior to this, the futures had risen for 8 consecutive trading days.

London Intercontinental Exchange (111.3, -0.36, -0.32%) April delivery of Brent crude oil futures prices fell 33 cents, or 0.5%, to close at 61.14 US dollars per barrel. Prior to this, the futures had risen for 9 consecutive trading days.

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