US stocks ended lower as investors brace for Federal Reserve Chairman Jerome Powell's congressional testimony, which will be scrutinized for clues regarding how long the central bank will keep its restrictive policy in place
Federal Reserve Chairman Jerome Powell's congressional testimony Wednesday could be a potential market mover.
All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021."The market is trying to test whether these recent gains are going to stick," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "The market runs in cycles and the most recent rally has surprised a lot of people.
Investors now look to Powell's two-day testimony before Congress, starting with the U.S. House Financial Services Committee on Wednesday, which will be scrutinized for clues regarding how long the central bank will keep its restrictive policy in place."I don't know what the Fed sees that the rest of us don't see," Pavlik said. "Inflation is not running as rampant as it was. We've seen it at the grocery stores and we've seen it at the pump.
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