By Liz Moyer
Investing.com -- U.S. stocks rose after Federal Reserve Chair Jerome Powell answered questions about inflation and monetary policy in his semiannual trip to Capitol Hill. Here are the midday movers for June 22:
- La-Z-Boy Incorporated (NYSE:LZB) shares rose 8% after the furniture retailer reported fiscal fourth quarter net sales rose 32% over last year on strong wholesale sales. The company said demand could be volatile.
- Altria Group (NYSE:MO) stock fell 9% after a report the U.S. government was going to ask its Juul Labs division to remove its e-cigarette from the U.S. market.
- ConocoPhillips (NYSE:COP) stock was down 5% as oil prices plunged by the same amount earlier Wednesday. Other oil producers also fell, including Phillips 66 (NYSE:PSX), down 4%, and Marathon Oil Corporation (NYSE:MRO), down 6%. The Biden administration wants Congress to suspend the federal gasoline tax for three months to relieve high prices at the pump.
- Nike Inc (NYSE:NKE) stock fell 2.5% after Seaport Research Partners downgraded it to neutral from buy.
- Moderna Inc (NASDAQ:MRNA) stock rose more than 6% after it said tests of its latest booster shot against Covid-19, targeting the Omicron variant, were effective against the subvariants that are becoming the dominant strains in the U.S.