Stocks were struggling for direction before the open Wednesday, as investors counted down to Federal Reserve Chair Jerome Powell’s testimony in Congress later.
Futures on the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) were both up less than 0.1%, fluctuating along the flatline. Contracts on the Nasdaq Composite (^IXIC) were less than 0.1% lower.
A catalyst to action could come in Powell’s comments, watched for any sign of hawkishness that could be a cue to sell. Also in focus is any signal the Fed will follow through on policymakers’ hint of two more hikes this year.
An unexpected spat flared up after President Joe Biden called China’s President Xi Jingping a “dictator” on Wednesday. That’s seen as undermining efforts by both sides to rekindle relations between the US and the world’s second-biggest economy.
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