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Powell comments, China's ICBC hit by ransomware attack - what's moving markets By Investing.com

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AuthorScott KanowskyEconomy12&nbsp;US500+0.27%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseDJI+0.23%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseAAPL+1.17%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseLCO+1.22%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseCL+1.29%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionClose1YMZ3+0.38%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseNQZ3+0.46%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseIXIC+0.39%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseUS500+0.27%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseInvesting.com --&nbsp;U.S. stock futures were mixed heading into the final day of trading this week, as investors eyed Treasury yield moves and gauged the path ahead for interest rates following a closely-watched statement from Federal Reserve Chair Jerome Powell. Elsewhere, trade in the U.S. Treasury market is disrupted by a cyberattack on China's largest commercial lender by assets, while Apple (NASDAQ:) agrees to pay out a $25 million settlement over claims regarding its U.S. immigrant hiring practices.1. Futures mixedU.S. stock futures were mixed on Friday after the benchmark ended an eight-day winning streak in the prior session.By 04:40 ET (09:40 GMT), the contract had added 32 points or 0.1%, were mostly flat, and had inched down by 43 points or 0.3%.The main indices on Wall Street finished lower on Thursday, as investors digested fresh commentary on the Federal Reserve's monetary policy path from Chair Jerome Powell (more below).The S&amp;P 500 fell by 0.8%, bringing the curtain down on its longest series of consecutive positive days in two years. The tech-heavy and 30-stock also slipped by 0.9% and 0.7%, respectively.Rattling investors in particular was a jump in U.S. Treasury yields, with the longer-dated 10-year and 30-year yields both edging up by over 10 basis points. Yields typically move inversely to prices.2. Powell "not confident" policy stance is restrictive enoughMarkets were focused on remarks on Thursday from Fed Chair Jerome Powell, who suggested that the U.S. central bank may have more work to do to bring inflation down to its stated 2% target.Speaking at an International Monetary Fund event in Washington D.C., Powell said that while a recent cooling in price pressures is encouraging, the rate-setting Federal Open Market Committee (FOMC) remains committed to achieving a "sufficiently restrictive" policy stance."[W]e are not confident that we have achieved such a stance," he said in a prepared statement.It was the latest sign that the Fed could be open to further interest rates hikes, potentially denting nascent investor optimism that policymakers may have finished their long-standing tightening campaign. At its latest meeting last week, the FOMC voted to leave the all-important Fed funds rate steady at a target range of 5.25% to 5.50%.3. Ransomware attack hits China's ICBCThe Industrial and Commercial Bank of China (ICBC) has said that its financial services arm was hit by a ransomware attack that disrupted trade in the U.S. Treasury market, according to multiple media reports.ICBC Financial Services, the U.S. branch of the bank, reportedly noted that it is looking into the matter and is making progress in recovering from it.It also said that Treasury trades carried out on Wednesday and repurchase agreements for trades done on Thursday had been successfully cleared. According to Reuters, some market participants had found that trades going through ICBC had not been settled due to the attack, which aims to paralyze a computer system until a ransom is paid.A spokesperson for China's foreign ministry told reporters at a news conference that ICBC is "closely monitoring" the situation, adding that it is doing its best to minimize the damage from the attack. Business was continuing as normal at other ICBC offices around the world, the spokesperson said.4. Apple agrees to $25 million settlement over U.S. immigrant hiring practicesApple is set to pay up to $25 million to settle claims from the U.S. Department of Justice that it favored hiring immigrant workers over American citizens and legal green card holders for some jobs.The DOJ claimed in a statement that Apple had engaged in a "pattern or practice of citizenship status discrimination" in recruitment for positions it hired through a federal program allowing employers to sponsor immigrant workers for green cards. The tech giant did not recruit U.S. citizens or permanent residents for jobs that were eligible for the program and had instead favored candidates with temporary work visas, the DOJ said.In response, Apple said that it had "unintentionally not been following the DOJ standard," adding that it is implementing a "robust remediation plan."The California-based company will be required to pay $6.75 million in civil fines and $18.25 million to an unspecified number of impacted workers, in the biggest-ever settlement for the DOJ involving claims of discrimination based on citizenship.5. Oil on pace for steep weekly dropOil prices rose Friday, but were still heading for a third straight week of steep losses on persistent concerns over slowing global demand and resurgent fears of rising U.S. interest rates.Worries over possible supply disruptions stemming from the conflict between Israel and Hamas have also started to wane.By 04:41 ET, the futures traded 0.9% higher at $76.42 a barrel, while the contract climbed 1.0% to $80.77 per barrel.Both benchmarks are currently down over 5% this week, and are on course for their longest weekly losing streak since a four-week drop from mid-April to early May.Powell comments, China's ICBC hit by ransomware attack - what's moving markets12Comments (12)12Add a CommentComment Guidelines&nbsp;I have read Investing.com's comments guidelines and agree to the terms described.I AgreeWrite your thoughts hereAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesAdd Chart to CommentCancelAttachConfirm BlockAre you sure you want to block %USER_NAME%?By doing so, you and %USER_NAME% will not be able to seeany of each other's Investing.com's posts.%USER_NAME% was successfully added to your Block ListSince you’ve just unblocked this person, you must wait 48 hours before renewing the block.Confirm Block CancelOkReport this commentI feel that this comment is:SpamOffensiveSubmitComment flaggedThank You!Your report has been sent to our moderators for reviewCloseTabs SelectionIndicesCommoditiesBondsStocksCryptoForexETFsApply&nbsp;US 3033,981.4+89.5+0.26%&nbsp;&nbsp;US 5004,359.3+11.9+0.27%&nbsp;&nbsp;Dow Jones33,969.93+77.99+0.23%&nbsp;&nbsp;S&amp;P 5004,359.01+11.66+0.27%&nbsp;&nbsp;Nasdaq13,573.70+52.25+0.39%&nbsp;&nbsp;S&amp;P 500 VIX15.04-0.25-1.64%&nbsp;&nbsp;Dollar Index105.752-0.028-0.03%&nbsp;&nbsp;Crude Oil WTI76.72+0.98+1.29%&nbsp;&nbsp;Brent Oil80.99+0.98+1.22%&nbsp;&nbsp;Natural Gas3.042+0.001+0.03%&nbsp;&nbsp;Gold1,950.55-19.25-0.98%&nbsp;&nbsp;Silver22.370-0.535-2.34%&nbsp;&nbsp;Copper3.5927-0.0478-1.31%&nbsp;&nbsp;US Soybeans1,345.75+3.75+0.28%&nbsp;&nbsp;U.S. 10Y4.591-0.041-0.88%&nbsp;&nbsp;U.S. 30Y4.7140.0000.00%&nbsp;&nbsp;U.S. 5Y4.5950.0000.00%&nbsp;&nbsp;U.S. 3M5.4140.0000.00%&nbsp;&nbsp;US 10Y T-Note107.83+0.30+0.28%&nbsp;&nbsp;Euro Bund129.78-0.01-0.01%&nbsp;&nbsp;10-2 Yield Spread-39.86+0.00+0.00%&nbsp;&nbsp;Apple184.31+2.13+1.17%&nbsp;&nbsp;Alphabet A129.79-0.45-0.35%&nbsp;&nbsp;Tesla209.22-0.76-0.36%&nbsp;&nbsp;Amazon.com140.70+0.10+0.07%&nbsp;&nbsp;Netflix436.39+1.24+0.28%&nbsp;&nbsp;Meta Platforms321.34+0.79+0.25%&nbsp;&nbsp;Bank of America27.42-0.11-0.40%&nbsp;Most Popular ArticlesPowell comments, China's ICBC hit by ransomware attack - what's moving...Stock Market Today: Dow ends lower after Powell signals rate hikes...Powell revives hike fears, says Fed not confident rates sufficiently...Oil prices rise, but set for third week of losses; OPEC meeting loomsWynn Resorts, Illumina, Plug Power fall premarket; Apple risesMore News&nbsp;After Hawkish Powell, Market Rally Faces Big Test Next Week4 Easy Steps to Picking Winning Stocks Like Seasoned Investors2 US Government-Approved Hydrogen 'Pure Players' That Will Boost Your...Recession? 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AuthorScott KanowskyEconomy12&nbsp;US500+0.27%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseDJI+0.23%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseAAPL+1.17%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseLCO+1.22%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseCL+1.29%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionClose1YMZ3+0.38%Add to WatchlistAdd PositionPosition added...

Powell comments, China's ICBC hit by ransomware attack - what's moving markets By Investing.com

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