Stock Opened Lower after Powell’s Comments

U.S. stocks opened lower on Wednesday as traders eyed commentary from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average lately fell 222.57 points, or 0.94% , to 23,542.21. The S&P 500 was down 21.42 points, or 0.75%, to 2,848.70. The Nasdaq Composite declined 28.06 points, or 0.31%, to 8,974.50.

Oil futures traded near unchanged Wednesday, with investors looking ahead to official data on U.S. inventories for signs a storage crisis is easing. West Texas Intermediate crude was up 1 cent at $26.34 a barrel. July Brent was off 2 cents at $29.96 a barrel.

Federal Reserve Chairman Jerome Powell said the central bank would continue to use its policy tools to mitigate the impact of the novel coronavirus on the U.S. economy, but warned that the length of the health crisis raises “longer-term concerns.”

Wholesale prices slid a record 1.3% in April led by a 19% plunge in the cost of energy, further signaling the potential threat of deflation in the United States.