Stocks wobbled in morning trading on Wall Street Tuesday ahead of Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee. The S&P 500 was up 0.2%. The Nasdaq composite was up 0.4%, and the Dow Jones Industrial Average slipped 118 points.
Quick Read
- Wall Street wavers ahead of congressional testimony from Powell.
- Market Movement: Stocks fluctuated in morning trading; S&P 500 up 0.2%, Nasdaq composite up 0.4%, Dow Jones Industrial Average down 118 points (0.3%).
- Company Performance: Helen of Troy, a consumer goods company, dropped 30% after disappointing first-quarter results.
- Bond Market: Treasury yields slightly rose; the 10-year Treasury note yield increased to 4.29% from 4.28%.
- Powell’s Testimony: Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee is highly anticipated, with additional testimony on Wednesday before the House Financial Services Committee.
- Inflation Updates: Latest inflation data to be released on Thursday and Friday; Wall Street expects a decrease in inflation to 3.1% in June from 3.3% in May.
- Interest Rates: The Fed holds its benchmark interest rate at its highest level in over two decades, awaiting further signs of cooling inflation.
- Fed’s Goal: The Federal Reserve aims to reduce inflation to its 2% target without significantly slowing economic growth.
The Associated Press has the story:
Wall Street wavers ahead of congressional testimony from Fed’s Powell
Newslooks- NEW YORK (AP) —
Stocks wobbled in morning trading on Wall Street Tuesday ahead of Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee. The S&P 500 was up 0.2%. The Nasdaq composite was up 0.4%, and the Dow Jones Industrial Average slipped 118 points.
Consumer goods company Helen of Troy, which makes Osprey and OXO products, sank 30% after posting first-quarter results that fell far short of forecasts.
Treasury yields rose slightly in the bond market. The yield on the 10-year Treasury note edged up to 4.29% from 4.28% late Monday.
Powell’s testimony this week comes ahead of the latest inflation updates on Thursday and Friday. The central bank is holding its benchmark interest rate at its highest level in more than two decades as it waits cautiously for more signals that inflation is still cooling.
Prices have eased sharply over the last two years as the Fed raised interest rates. It’s goal is to cool inflation back to its target of 2% without slowing economic growth too much.
Powell’s testimony on Tuesday will be followed up with testimony on Wednesday before the House Financial Services Committee.
Wall Street expects the latest government report on Thursday to show inflation easing to 3.1% in June from 3.3% in May.
