*WALL STREET ENDS LOWER, PAUSING RALLY AS POWELL TESTIMONY LOOMS $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021."The market is trying to test whether these recent gains are going to stick," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut."The market runs in cycles and the most recent rally has surprised a lot of people.
Investors now look to Powell's two-day testimony before Congress, starting with the U.S. House Financial Services Committee on Wednesday, which will be scrutinized for clues regarding how long the central bank will keep its restrictive policy in place."I don't know what the Fed sees that the rest of us don't see," Pavlik said."Inflation is not running as rampant as it was. We've seen it at the grocery stores and we've seen it at the pump.
Concerns over slowing global demand loomed larger after China cut its lending benchmarks to jump start sluggish demand, which offset a 21.7% surge in housing starts, the largest monthly jump in thirty years.
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