Business

Prior to Powell’s testimony, U.S. stocks are open almost unchanged

New York, June 22 (Xinhua)-US stocks were almost flat on Tuesday morning as investors turned to testimony from Federal Reserve Board Chairman Jerome Powell.

Immediately after the opening bell, the Dow Jones Industrial Average fell 31.19 points (0.09%) to 33,845.78. The S & P 500 fell 1.40 points (0.03%) to 4,223.39. The Nasdaq Composite fell 0.21 points to 14,141.27.

Eight of the 11 major S & P 500 sectors fell behind in the morning trading, with energy declining by more than 1%. Consumer discretion rose 0.3%, making it the best performing group.

Wall Street will pay attention to Powell’s remarks as the Federal Reserve Board of Governors will testify in the US House of Representatives on Tuesday afternoon about the central bank’s response to the coronavirus pandemic.

In a prepared statement released prior to the testimony, Powell said that “the economy has shown sustained improvement” but still faces a continuing threat from the pandemic.

Last week, the Fed maintained benchmark interest rates at record lows near zero, but interest rates could be raised by the end of 2023. 1 percentage point up from March forecast.

The Dow closed at 586 points on Monday and US stocks started this week with a cheerful move.

Prior to Powell’s testimony, U.S. stocks are open almost unchanged

Source link Prior to Powell’s testimony, U.S. stocks are open almost unchanged

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