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Wall Street opens higher ahead of FOMC Chairman Powell's testimony

  • Energy shares rebound boosted by rising crude oil prices. 
  • FOMC Chairman Powell to testify before House Financial Services Committee.

Wall Street's main indexes started the day higher on Tuesday and are now heading toward new record highs on hopes of coronavirus outbreak plateauing toward the end of the month. As of writing, the Dow Jones Industrial Average was up 0.33% on the day while the S&P 500 and the Nasdaq Composite were both adding 0.42% on the day.

Risk sentiment improves on Tuesday

Earlier today, "China coronavirus outbreak may peak later this month and then plateau, based on the current model and trend," Chinese Government Medical Advisor Zhong Nanshan said to provide a boost to the market sentiment. Meanwhile, the CBOE Volatility Index is down 2.35% to reflect the upbeat market mood.

Among the 11-major S&P 500 sectors, the Energy Index is up nearly 1% supported by a more-than-1% recovery in crude oil prices. The Consumer Staples Index is the only sector that's posting losses in the early trade. Looking at individual shares, Caterpillar and Exxon Mobil are both rising more than 1% on Tuesday. 

Later in the session, investors will be keeping a close eye on FOMC Chairman Powell's testimony before the House Financial Services Committee of Congress.

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