US stocks dropped as investors paused on a bear-market rally as they prepared to hear what the Federal Reserve Chairman would say about monetary policy and the potential for a recession.
The S&P 500 was in danger of falling for the first time in three sessions. Powell was scheduled to testify Wednesday and Thursday before two congressional committees, with his appearance being focused on after the central bank raised rates.
The hike of 75 basis points added to the campaign of rate increases to cool down inflation, which is sitting at four-decade high.
Powell will testify.
The opening bell rang at 9:30 a.m.
The Federal Reserve raising interest rates to fight inflation won't make things better, according to billionaire investor Ray Dalio.
Russia exported gold to Switzerland for the first time since it launched its war against Ukraine.
The price of oil fell. The price of West Texas Intermediate fell to $102 per barrel. The international benchmark lost 5.6%.
The price of gold was $1847 per ounce. The yield on the 10-year bond fell.
There was a decline of 2.5% at $20,289.11.
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