Finance Inquirer
No Result
View All Result
Wednesday, July 9, 2025
  • Login
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
Subscribe
Finance Inquirer
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
No Result
View All Result
Finance Inquirer
No Result
View All Result
Home Stock Market

Stock Market Mixed As Powell Testifies To Congress; Oil Stocks Resume Slide

Tom Hagler by Tom Hagler
25.06.2022
in Stock Market
Stock Market Mixed As Powell Testifies To Congress; Oil Stocks Resume Slide
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

The stock market was mixed Wednesday, trying to find direction, after Fed Chairman Jerome Powell told Congress the U.S. economy is “very strong” and can handle more rate hikes. Oil stocks, meanwhile, resumed their slide.

X

The Nasdaq composite trimmed early losses but then erased gains and was flat Wednesday afternoon. The S&P 500 also pared losses and was down 0.1%. It too erased gains in the past hour.

The Dow Jones Industrial Average was down 0.1%. Small caps also posted losses, with the Russell 2000 off 0.5%.

Volume rose on the Nasdaq and fell on the NYSE compared with the same time on Tuesday.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 30486.94 -43.31 -0.14
S&P 500 (0S&P5) 3761.03 -3.76 -0.10
Nasdaq (0NDQC ) 11063.69 -5.61 -0.05
Russell 2000 (IWM) 167.30 -0.84 -0.50
IBD 50 (FFTY) 27.30 -1.12 -3.94
Last Update: 12:14 PM ET 6/22/2022

Powell Says Fed Looking For Evidence Inflation Rate Cooling

“It is essential that we bring inflation down,” Powell told the Senate banking, housing and urban affairs committee during his semiannual report Wednesday.

In a prepared speech, he said the Fed over the coming months “will be looking for compelling evidence that inflation is moving down,” and will make rate decisions “meeting by meeting.”

He also reaffirmed the central bank’s commitment to taming inflation, which hit a 40-year high in May, according to the consumer price index.

“At the Fed, we understand the hardship high inflation is causing,” Powell said in his remarks. “We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so.”

But he said the U.S. can handle big rate hikes, minimizing recession risks. “The American economy is very strong and well positioned to handle tighter monetary policy.”

On Wednesday, Citigroup said it sees a 50-50 chance that the U.S. will sink into a recession. The most likely recession would be a mild “garden variety” downturn, but there are “hard landing” and “stagflation” risks.

Today, the yield on the 10-year Treasury note fell 13 basis points to 3.15%, as yields continue to trend lower. That’s the lowest 10-year yield since June 10.

Stock Market Climbs As Oil Stocks Resume Their Slide

The price of U.S. crude oil tumbled nearly 5% to $104.50 a barrel. That’s the lowest price in nearly a month and extends a weeklong decline for oil futures.

President Biden will propose a three-month moratorium on the federal gasoline and diesel taxes, according to The Wall Street Journal. The tax is 18.4 cents a gallon for gas and 24.4 cents for diesel.

The energy sector was easily the worst performing sector, as the Energy Select Sector SPDR (XLE) fell 3.5%. The ETF plunged 17.2% last week.

KB Home (KBH) gained 1% in advance of the homebuilder’s earnings report, which is due out today after the close. Wall Street expects KB Home to earn $2.04 per share, up 36%. Sales were expected to increase 14% to $1.648 billion.

Rival homebuilder Lennar (LEN) also gained, rising more than 3% Wednesday, a day after it reported better-than-expected earnings and revenue for the second quarter.

On Tuesday, a National Association of Realtors report said U.S. existing-home sales fell 3.4% in May to 5.41 million at a seasonally-adjusted annual rate, as homebuyers continued to struggle with inflation and rising mortgage rates.

Apple, Altria Move In Opposite Directions

Apple (AAPL) gained 0.6% Wednesday after an analyst said Apple’s services business is likely to grow faster than expected as the company monetizes its massive user base. In a note to clients late Tuesday, Evercore ISI analyst Amit Daryanani said he is more positive on the long-term outlook for Apple’s services growth after his firm’s survey of more than 3,000 smartphone users.

Altria (MO) stock slid 9% on Wednesday following a report that the FDA plans to order Juul to pull its electronic cigarettes off the market in the U.S. — posing big risks for the tobacco giant’s investment in the vaping startup. The move by the FDA could be announced as soon as Wednesday, The Wall Street Journal said.

Marathon Oil (MRO) gapped down to a loss of nearly 8%, sinking to the lowest point since April 25.

The Innovator IBD 50 ETF (FFTY) fell 2%, led down by energy and shipping stocks.

Earthstone Energy (ESTE) fell more than 10% to below the 50-day moving average, in heavy volume, extending losses.

Follow Michael Molinski on Twitter @IMmolinski

YOU MAY ALSO LIKE:

Is FedEx A Buy As it Prepares To Release Earnings on Thursday?

Investing In An Inflationary Environment

Get Full Access To IBD Stock Lists And Ratings

MarketSmith’s Tools Can Help The Individual Investor

What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It

The post Stock Market Mixed As Powell Testifies To Congress; Oil Stocks Resume Slide appeared first on Investor’s Business Daily.

  • Trending
  • Comments
  • Latest
P2Pro: profitable changes are coming!

P2Pro: profitable changes are coming!

13.09.2022
Saving and investing the two keys to your future retirement

Saving and investing the two keys to your future retirement

21.06.2022
The Dow Jones slept through the whole trade despite positive data from the labor market. Nasdaq had its best streak of gains this year

The Dow Jones slept through the whole trade despite positive data from the labor market. Nasdaq had its best streak of gains this year

01.09.2022
The ranking of countries in terms of the coverage of children with preschool education has been compiled

The ranking of countries in terms of the coverage of children with preschool education has been compiled

03.11.2022
Take the best photos of your life with the new vivo Y76 5G now available

Take the best photos of your life with the new vivo Y76 5G now available

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

AirPods 3 vs AirPods 2 – What’s the Difference?

AirPods 3 vs AirPods 2 – What’s the Difference?

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

PuzzleFree Game Set to Launch in July 2025

PuzzleFree Game Set to Launch in July 2025

08.07.2025
The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

08.07.2025
Instant Cargo Analysis 24/7: How XRF Analyzer Speeds Up Quality Control for Raw Materials

Instant Cargo Analysis 24/7: How XRF Analyzer Speeds Up Quality Control for Raw Materials

08.07.2025
HIT-NOT reduces forklift accidents and increases safety in logistics

HIT-NOT reduces forklift accidents and increases safety in logistics

07.07.2025

Recent News

PuzzleFree Game Set to Launch in July 2025

PuzzleFree Game Set to Launch in July 2025

08.07.2025
The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

08.07.2025

Categories

  • Business
  • Finance
  • News
  • Stock Market
  • Technology
  • Без рубрики

Site Navigation

  • Home
  • Contact Us
Finance Inquirer

We offer multimedia features, easy channel navigation, strong social media presence and numerous engagement platforms that allow the readers to experience content anytime, anywhere, always.

No Result
View All Result
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market

© 2021 financeinquirer.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In