US opens lower ahead of Powell's remarks

Wednesday, 22. June 2022 15:31

United States stock markets opened lower on Wednesday as Federal Reserve Chair Jerome Powell prepares for his testimony before the Senate Banking Committee. Meanwhile, Philadelphia Fed President Patrick Harker said the interest rate needs to reach the neutral 2.5% point quickly and be above 3% by the end of 2022.

The Dow Jones dropped 1.15% or 350 points at 9:30 am ET as Dow Inc. decreased by 4.49%. The Nasdaq 100 was down 0.96% with JD.com declining 3.94%. The S&P 500 lost 1.16% at the same time, led by Marathon Oil Corp., which plunged 7.31%.

The euro traded 0.08% higher compared to the dollar, selling for 1.05445 at 9:31 am ET.

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Author:
Baha Breaking News (BBN) / DJ