NEW YORK — Stocks wobbled in morning trading on Wall Street Tuesday ahead of Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee.
The S&P 500 was up 0.2%. The Nasdaq composite was up 0.4%, and the Dow Jones Industrial Average slipped 118 points, or 0.3% as of 9:51 a.m. Eastern.
Consumer goods company Helen of Troy, which makes Osprey and OXO products, sank 30% after posting first-quarter results that fell far short of forecasts.
Treasury yields rose slightly in the bond market. The yield on the 10-year Treasury note edged up to 4.29% from 4.28% late Monday.
Powell’s testimony this week comes ahead of the latest inflation updates on Thursday and Friday. The central bank is holding its benchmark interest rate at its highest level in more than two decades as it waits cautiously for more signals that inflation is still cooling.
Prices have eased sharply over the last two years as the Fed raised interest rates. It’s goal is to cool inflation back to its target of 2% without slowing economic growth too much.
Powell’s testimony on Tuesday will be followed up with testimony on Wednesday before the House Financial Services Committee.
Wall Street expects the latest government report on Thursday to show inflation easing to 3.1% in June from 3.3% in May.
Please read our comment policy before commenting.