U.S. stocks opened flat on Thursday, with trading expected to be light as investors looked ahead to a fresh appearance before Congress by Federal Reserve chief Jerome Powell.
The Dow Jones Industrial Average dipped 9 points to 25,017. The S&P 500 was down less than one point to 2,714. The Nasdaq Composite Index rose 5 points to 7,277. All three moved less than 0.1% on the day. The three are also coming off a sizable two-day drop, which included back-to-back declines of more than 1% for both the Dow and the S&P. Powell, whose recent comments before a House panel helped send U.S. stocks lower, is due to testify to the Senate Banking Committee at 10 a.m. Eastern.
The new Fed boss on Tuesday highlighted ways he personally thinks the U.S. economic outlook has strengthened, which raised concerns that the Fed could become more aggressive in raising interest rates. In company news, L Brands Inc. fell 9.9% a day after giving a disappointing outlook, while Salesforce.com Inc rose 4.4% after its results.
Source : Marketwatch