What to watch today: Wall Street looks steady after Monday’s comeback rally

U.S. stock futures rose modestly Tuesday, one day after the Dow recovered a big chunk of last week’s 3.5% plunge on the Federal Reserve’s interest rate hike timetable shift. The 30-stock average jumped 586 points, or nearly 1.8%, to start the week. The S&P 500 gained 1.4%, sitting within 1% of its record high. The Nasdaq was Monday’s relative underperformer with a 0.8% advance. (CNBC)

* Why the market may be wrong about the Fed and interest rates (CNBC)
* Japan’s Nikkei 225 jumps 3% as Asia-Pacific stocks bounce back (CNBC)

The 10-year Treasury yield has bounced around since last week’s Fed-driven spike and Monday’s brief dip to February lows. The 10-year yield ticked lower Tuesday to around 1.47%. Fed Chairman Jerome Powell goes before a House panel in the afternoon, and investors will be looking for more clues on policymakers’ inflation outlook boost and indications of two rate increases in 2023. (CNBC)

In prepared testimony, Powell said the economy is growing but faces continued threats from the Covid pandemic. He also noted that inflation has risen notably but repeated price pressures will be transitory. The Fed has kept short-term lending rates anchored near zero, while buying at least $120 billion of bonds each month. (CNBC)

On today’s economic calendar, the National Association of Realtors releases existing home sales for May at 10 a.m. ET, with economists looking for a 2.1% drop to an annual rate of 5.73 million units.  Existing home sales had fallen 2.7% in April. (CNBC)

Bitcoin fell more than 8% Tuesday, trading briefly below $30,000. China’s renewed crackdown on the cryptocurrency industry has wiped nearly $300 billion in value off the total digital currency market since Friday. Bitcoin has plunged more than 50% from its all-time high in April near $65,000. (CNBC)

GameStop (GME) shares jumped 9% in the premarket after the video game retailer and original meme stock said it completed a previously announced sale of 5 million common shares, raising more than $1.1 billion. GameStop said it will use proceeds to invest in growth and maintain a strong balance sheet. (CNBC)

The European Commission on Tuesday opened a new antitrust investigation into Alphabet’s Google, looking into whether the tech giant favors its own online display ad technology services. Earlier this month, the French competition authority fined Google $262 million for abusing its market power in online ads. (CNBC)

* Google’s YouTube secures a big win in the EU over copyright (CNBC)

Target (TGT) plans to make 100% of its private label products environmentally sustainable by designing items that are more durable, and eliminate waste and encourage reuse by 2040. The retailer also plans to have 100% of the plastic packaging for its brands recyclable, compostable or reusable by 2025. (CNBC)

* Chipotle tweaks its loyalty program to offer more redemption options (CNBC)

Peloton (PTON) launched a corporate wellness program as it aims to reach new users and…