Market reacts

Good Morning.

Powell testifies inflation fight ‘has a long way to go’, more hikes certain, noises detected in Titanic sub search, Wall Street giants back new crypto exchange, and Apple opens Vision Pro software to developers…

Here’s today’s 5-min market briefing:

BEFORE THE OPEN

Markets:

Jerome Powell is scheduled to present his Semiannual Monetary Policy Report to the Senate Banking Committee on Thursday morning. Investors will be watching for any further comments on inflation and interest rates.

Investors will also closely monitor the weekly jobless claims data, which will also be released Thursday morning and is expected to total 256,000, according to economists surveyed by Dow Jones.

• Stock futures flat in overnight trading Wednesday following a three-day market decline.

• Dow Jones futures rose by 24 points, while S&P 500 and Nasdaq 100 futures remained largely unchanged.

• Market rally decelerated with all three major averages falling three consecutive days.

• S&P 500 down 0.5% Wednesday, marking worst daily performance in June and a 1% weekly fall, threatening a five-week win streak.

• Tech-heavy Nasdaq Composite fell 1.2%, worst since June 7.

• A.I. giant AMD down 5.7% Wednesday, Intel retreated 6%.

• Dow Jones declined by 0.3%.

• Fed Chair Jerome Powell signals rate hikes to tackle inflation, cooling investor hopes of imminent end to the bank's tightening cycle.

See you all tomorrow! -mb