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Mid-Market Update: Powell Part Deux, Labor Market still looks hot after ADP & JOLTS, Stocks struggle, Oil remains heavy, Gold wavers, Bitcoin softens

US stocks struggled to find direction after another round of labor data suggests this market will remain tight and on Fed Chair Powell’s second day of testimony on Capitol Hill. Powell did not deliver any surprises, repeating that the Fed may need to speed up the pace of its interest rate increases if necessary.

08-03-2023 13:43 GMT by Edward Moya

Oil returns to range, gold crushed by hawkish Powell

Back into range Just as oil prices appeared to be gathering some momentum, Powell put an abrupt end to hopes of a breakout on Tuesday and sent them back to the middle of their recent range. Optimism over the Chinese recovery is one thing but if large parts of the global economy are going to stall or go into recession, oil prices are going to struggle to surge higher.

08-03-2023 08:32 GMT by Craig Erlam