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U.S. stocks are muted as Powell makes second day of Congressional testimony

Published 03/08/2023, 09:47 AM
Updated 03/08/2023, 10:44 AM
© Reuters.

© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks were muted as Federal Reserve Chair Jerome Powell prepared to appear for his second day of Congressional testimony.

At 10:40 ET (15:40 GMT) the Dow Jones Industrial Average was down 28 points, or 0.1%, while the S&P 500 was up 0.2% and the NASDAQ Composite was up 0.2%

Powell said Tuesday that the Fed was prepared to raise the pace of tightening if the economic data supported it. That is leading some futures traders to bet on a half-percentage point hike when the Fed meets later this month.

The Fed might also have to raise rates higher than expected to tame inflation, Powell said Tuesday. That was enough to send the major stock indexes down more than 1% each. 

Powell is set to appear in the House Financial Services Committee at 10:00 ET.

ADP’s report on private sector payrolls said employers added 242,000 in February, beating expectations and adding to worries that the tight labor market is helping to convince the Fed that interest rates need to move higher. A broader take on the labor market for February is due out from the government on Friday.

The JOLTs job opening reading was 10.8 million, higher than the 10.5 million expected.

Occidental Petroleum Corporation (NYSE:OXY) shares rose 2.2% after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) increased its stake in the oil company to about 22.2%.

Shares of Crowdstrike Holdings Inc (NASDAQ:CRWD) rose 1.6% after the cybersecurity firm reported better-than-expected fourth-quarter earnings.

Oil fell. Crude Oil WTI Futures were down 0.6% to $77.12 a barrel, while Brent Oil Futures were down 0.2% to $83.12 a barrel. Gold Futures were up 0.3% to $1824.

Latest comments

Price action total rollercoaster. When reality sinks in the buying stops
Well egos are certainly inflated on Capitol Hill, and JPow has the most ego inflation of them all
 Wow. yall must really love Trump still talking about him 2 years later
  He hasn't have the good graces to fade away like previous ex-potuses did.
Is it a coincidence one big ego made another big ego the Fed Chair?
why does anyone still listen to these people? stop using their currency. stop listening to Anyone in the govt or affiliated with them
Tune out. Drop out.
who are we supposed to listen to, the liars at fox news or the anti-American proRussia radical far right posters on investing.com....
"stop using their currency"  --  I'll trade you toilet paper for your currency you're not using!
why does this a s s 🤡 and a bank have this much power over everyone's lives?
Powells testimony is like any other bureaucrat....lots of words, little meaning. The market reaction says it all.
what it means erikke, is the're raising rates till the inflation cycle is broken......
ya think?
Jerome “gobbygooby doobiebuti transitory ebbydebbie”
if you don't have the ability to understand what powell is saying, perhaps you shouldn't try.......
too many people paying too much attention speculating due to Powell - meanwhile what doesn't seem to be noticed is the vast slowdown in exports from South Korea and China - over the last two months - a very rapid and large slowdown in the economy that isn't being mentioned much - and the increasing trade war China V West - this is escalating rapidly - market not bothered
Fools?!
yes. market go further down.
powell result what time??
9.30
powell is most wrost chair in fed
Powell is mutating to Volcker on steroids.
He's only doing what he's been told, taking away the citizens' savings.
be cautiously optimistic
put a sock in him,,, shut up, watch what happens.
Once it was a horror show now it will be a comedy show janu(dear..)
Powell...u.... make me...... 😭
The Feds fail to tame inflation
00s0z0,00, ±
Seems nobody take J Powell's testimony seriously........ maybe still waiting for more reports and datas until the cows cone home.........
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