Stock market news today: US stocks trade mixed after Powell testimony

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US stocks trade mixed as investors assess outlook for rates after Powell testimony

US stocks traded mixed on Wednesday following the conclusion of Federal Reserve Chairman Jerome Powell's hawkish testimony before Congress, where he signaled steeper rates hikes are on the table if the economy is still showing signs of running too hot.

Markets were pricing in higher odd of the Fed dialing rate hikes back up to 50 basis points at the upcoming meeting, a reversal following last month's downsized move of 25 basis points. The Fed chief pointed to strong economic data in recent months, which suggests more monetary tightening is needed to rein in the economy. ADP data released on Wednesday showed private payrolls jumping by 242,000 in February, beating estimates. Investors are anxiously waiting on Friday's non-farm payroll report, which is expected to show 203,000 jobs added last month.

"The labour market remains extremely tight despite 450 basis points of rate hikes in the last year," Lazard chief market strategist Ronald Temple said in a statement."Friday's employment report will give us more insight into the degree of tightness in the labour market, but this report adds weight to the Chair Powell's comments yesterday suggesting a 50-basis point rate hike on March 22nd could be in the cards.

 

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