US stocks trade near break-even point

Major US equity indices held near break-even point during the opening hour of trade on Tuesday and consolidated overnight strong gains 

Investors assessed the Fed Chair Jerome Powell's prepared text of the Congressional testimony, which indicated that the FOMC will continue to strike a balance between preventing the economy from overheating and adjusting monetary policy to hit the 2% inflation target. 

Powell further reaffirmed that a gradual increase in the federal-funds rate was still the appropriate policy stance, albeit did not endorse more than three rate hikes in 2018.

Investors now look forward to the Q&A session for some fresh impetus. Given the recent uptick in inflationary pressure and the health of the economy, Powell might turn out to be little more hawkish and trigger some volatility in the markets.

On the economic data front, durable goods orders plunged 3.7% in January while goods trade balance unexpectedly rose to $74.4 and hence, did little to provide any fresh bullish impetus.