Summary
Stocks were mixed on Thursday morning as investors weighed more congressional testimony from Fed Chair Jerome Powell. On Wednesday, Mr. Powell told the House Financial Services Committee that the central bank still had ‘a long way to go’ in the battle against inflation, and indicated that additional rate hikes were likely this year. Meanwhile, the Bank of England surprised investors by raising its main interest rate a greater-than-expected 50 basis points, to 5.0%. On the employment front, the Labor Department said that first-time claims for state unemployment benefits held steady at 264,000 for the week ended June 17, slightly above the Reuters consensus forecast of 260,000. The Dow fell 0.1%, the S&P rose 0.1%, and the Nasdaq rose 0.5%. Crude oil fell nearly 4% to less than $70 per barrel while gold traded near $1927 per ounce.
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Source: finance.yahoo.com