Stocks Opened Lower ahead of Second Day of Powell Testimony

U.S. stocks opened lower on Wednesday, with tech shares still under pressure, ahead of a second day of testimony from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average lately fell 97.78 points, or 0.31%, to 31,439.57. The S&P 500 declined 16.06 points, or 0.41%, to 3,865.31. The Nasdaq Composite dropped 106.28 points, or 0.79% to 13,358.92.

Oil futures pushed higher Wednesday. West Texas Intermediate crude for April delivery rose 60 cents, or 1%, to $62.27 a barrel. May Brent crude was up 73 cents, or 1.1%, at $65.21 a barrel.

U.S. Food and Drug Administration staff said in new documents released Wednesday that Johnson & Johnson’s (JNJ) single-shot COVID-19 vaccine appeared safe and effective in trials, reaffirming data the company announced late last month.

Lowe’s (LOW) posted fourth-quarter results that handily exceeding expectations. Adjusted earnings of $1.33 per share on net sales of $20.31 billion were easily above estimates for $1.21 per share on sales of $19.41 billion. Comparable same-store sales rocketed higher by 28.6%, accelerating sharply over last year’s 2.6% growth rate.