Stock market today: Wall Street opens mixed ahead of congressional testimony from Powell

NEW YORK — Stocks are opening mixed on Wall Street ahead of Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee. The S&P 500 was up 0.2% in the first few minutes of trading Tuesday. The Nasdaq composite was up 0.4%, and the Dow Jones Industrial Average slipped 47 points, or 0.1%. Consumer goods company Helen of Troy, which makes Osprey and OXO products, sank 30% after posting first-quarter results that fell far short of forecasts.

“Risk-taking will still likely be more measured ahead of the Federal Reserve Chair’s testimony and the key U.S. inflation release this week,” Yeap Jun Rong, a market analyst at IG, said in a commentary. “The first day of the testimony is always the most important day as we will get to catch the overall tone and the key messages. Some expect Powell to sound cautious regarding the progress on inflation and tell the U.S. politicians to be patient until the Fed gathers enough evidence that inflation is on a solid path toward their 2% target,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday and major U.S. banks on Friday. Japan's benchmark Nikkei 225 jumped 2.0% to finish at a record high 41,580.17. It briefly topped previous intraday trading highs.

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