AKS - Stocks Gyrate on Powell Testimony
Stocks wobbled on Thursday, alternating between gains and losses, as investors listened to fresh testimony from Federal Reserve Chair Jerome Powell.
The Dow Jones Industrials declined 47.24 points to pause for lunch Thursday at 24,981.96
The S&P 500 dropped 2.99 points to 2,768.88,
The NASDAQ Composite came to within 4.13 points of breakeven to 7,268.88
Shares of U.S. Steel and AK Steel gave back some of their gains after the Trump administration said President Donald Trump would likely not be issuing an announcement on tariffs, as was previously expected.
U.S. Steel hiked as much as 8.4%, and AK Steel rose as much as 12%, before trading up about 2% each.
A White House official said Trump will announce tariffs at a meeting Thursday. This comes after word that executives from top U.S. steel and aluminum companies had been invited to the White House for an emergency meeting on Thursday.
On the data front, the Commerce Department said consumer spending rose 0.2% in January, while personal income rose 0.4%. The core personal consumption expenditures price index, meanwhile, advanced 1.5% on an annualized basis, in line with expectations.
Powell is speaking before the Senate Finance Committee later on Thursday. Earlier this week, he testified before the House Financial Services Committee, where he indicated market volatility won't stop the central bank from raising rates.
Prices for the benchmark 10-year Treasury note eked higher, lowering yields to 2.86% from Wednesday's 2.87%. Treasury prices and yields move in opposite directions.
Oil prices eased 57 cents a barrel to $61.07 U.S.
Gold prices slid $6.40 at $1,311.50 U.S. an ounce.