US stocks tread water ahead of Fed Chair Powell's testimony

NEW YORK, March 7 — Wall Street stocks were little changed early today as markets awaited Federal Reserve congressional testimony that will be digested for clues on additional interest rate hikes.

Since early last year, the Fed has lifted the benchmark lending rate eight times in hopes of reining in surging inflation. "The market can handle today's testimony so long as the Fed Chair doesn't sound as though he is opening the door to a much higher terminal rate than the market now expects," said Briefing.com analyst Patrick O'Hare.The broad-based S&P 500 slipped 0.1 percent to 4,046.48, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 11,698.00.

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