Summary
Stocks fell on Wednesday morning amid hawkish comments from Fed Chair Jerome Powell at the start of two days of Capitol Hill testimony. In remarks released before his appearance, Mr. Powell said that the process of controlling inflation still had ‘a long way to go,’ and that nearly all FOMC members believed that further rate hikes would be appropriate by the end of the year. On the earnings front, FedEx shares fell after the company posted mixed fiscal 4Q results, including a sharp drop in daily package volume, and offered disappointing earnings guidance for FY24. The Dow fell 0.2%, the S&P 0.4%, and the Nasdaq 0.9%. Crude oil traded near $72 per barrel, while gold fell $8 to $1940 per ounce.
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Source: finance.yahoo.com