The GDP data showed the economy contracted for a second quarter in a row, adding to recession fears.
The US output fell in the second quarter after a contraction in the first. One day after the Federal Reserve hiked interest rates, new data shows it will continue to move against inflation.
The New York Stock Exchange senior market strategist wrote that Powell denied that the economy was in a recession. He acknowledged that a path to a soft landing has narrowed, when he talked about the expectation for the economy to slow down.
The market opened at 9:30 a.m.
The CEO of Meta warned of an economic slowdown after the company missed its earnings expectations.
According to Bank of America, there is a chance of a recession by the end of the year. Powell's commitment to getting inflation back to the 2% range will require more financial tightening.
US gasoline demand jumped 8.5% last week from the previous week, easing fears of a downturn in the oil market.
Russia has slowed the flow of gas to Europe. Since the start of June, natural gas prices have skyrocketed. The energy crisis could last until the year 2025.
The price of oil was up 1.61% to $98.89 a barrel. The international benchmark for oil moved higher.
The price of gold increased to $1,743.30 per ounce. The 10-year yield went down.
There was a rise in the price of the virtual currency to $23,111.41.
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