The market has been seesawing all day. First move stalled with the S&P hitting a new intraday record, but the rally faded after news that UK daily covid cases soared passing 40,000, the highest since January 15^th.

The three major indices are in the green, well off its lows. S&P 500 is leading, while The Dow Jones and Nasdaq are almost flat.

Energy is the worst performer after UAE Energy Minister confirmed no agreement has been reached yet with OPEC+ and talks continue.

In addition, oil saw its eight consecutive weekly drawdown, while gasoline inventories rose unexpectedly.

All ears to Powell’s testimony in front of Congress today, as inflation dynamics continue to be in focus in the market. So far, the Fed chairman said no plans to alter its easy monetary policies. The reality is the Fed has to deal with whatever comes in.