U.S. stocks opened lower, headed for a fourth straight day of losses, after a flurry of rate hikes by global central banks, including half-point increases by the Bank of England and Norway’s central bank. The Dow Jones Industrial Average DJIA, -0.06% was off 67 points, or 0.2%, while the S&P 500 SPX, -0.08% was down 0.3%.
The Nasaq Composite COMP, +0.06% was also down 0.3%. Federal Reserve Chair Jerome Powell was slated to testify before a Senate panel Thursday morning. On Wednesday, he reiterated before House lawmakers that the central bank was likely to deliver more rate increases to bring down inflation after leaving policy on hold last week.
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