Shares fell early Wednesday as Federal Reserve Chair Jerome Powell was set to foreshadow in testimony earlier than Congress extra fee hikes this yr.
The S&P 500 (^GSPC) and the Dow Jones Industrial Common (^DJI) had been each down about 0.3% on the open. The Nasdaq Composite (^IXIC) fell practically 0.5%.
“Almost all FOMC individuals anticipate that will probably be applicable to lift rates of interest considerably additional by the tip of the yr,” Powell stated in ready remarks launched earlier than the beginning of a Home Monetary Companies Committee listening to Wednesday.
An surprising spat flared up after President Joe Biden referred to as China’s President Xi Jinping a “dictator” on Wednesday. That is seen as undermining efforts by each side to rekindle relations between the US and the world’s second-biggest financial system.
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