Stocks fall ahead of Fed's Powell, Treasury's Yellen Capitol Hill testimonies - Fox Business

Gibbs Wealth Management President Erin Gibbs and Money Map Press chief strategist Shah Gilani discuss the risks and rewards in the market right now and how to capitalize on them.

U.S. equity markets were modestly lower as Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen prepare for two days of Capitol Hill testimony on the government’s COVID-19 relief efforts.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	32732.96	+1.76	+0.01%
SP500	S&P 500	3942.72	+2.13	+0.05%
I:COMP	NASDAQ COMPOSITE INDEX	13363.793507	-13.75	-0.10%

The Dow Jones Industrial Average fell 89 points, or 0.27%, while the S&P 500 and the Nasdaq Composite were weaker by 0.19% and 0.08%, respectively.

Powell and Yellen will tell the House Financial Services Committee that the U.S. economy is recovering, but still a work in progress. Yellen is expected to be questioned over the size of the $1.9 trillion relief package while Powell will have to answer for the Fed’s recent decision to end emergency capital relief for banks. Both will appear before the Senate Banking Committee on Wednesday.

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In stocks, financials were weaker as longer-dated U.S. Treasurys rallied, flattening the yield curve after a transcript of Powell's testimony expressed caution on the state of the economic recovery. The benchmark 10-year yield was lower by 4 basis points at 1.64%, down from last week’s high near 1.75%.

Ticker	Security	Last	Change	Change %
XOM	EXXON MOBIL CORP.	55.76	-0.18	-0.33%
CVX	CHEVRON CORP.	103.06	+0.56	+0.55%

Meanwhile, oil majors Chevron Corp. and ExxonMobil Corp. pulled back as West Texas Intermediate crude oil tanked $2.64 to $58.92 per barrel as longer lockdowns in Europe mean weaker energy demand.

Travel-related names were also under pressure with American Airlines Group Inc., Carnival Corp. and TripAdvisor Inc. all in the crosshairs.

In mergers and acquisitions, the bidding war for laser maker Coherent Inc. continued with optical fiber firm Lumentum Holdings Inc. raising its offer to approximately $7 billion, or $230 cash and 0.6724 Lumentum shares for each Coherent share owned. II-VI Inc. last week offered $7 billion for Coherent.

Elsewhere, GameStop Corp. Is set to report its quarterly results after the closing bell. The report will be the first since the Reddit-trading frenzy that began at the end of January.

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Overseas markets were lower across the board.

France’s CAC 40 paced the decline in Europe, trading down 0.54%, while Britain’s FTSE 100 and Germany’s DAX 30 lost 0.41% and 0.34%, respectively.

In Asia, Hong Kong’s Hang Seng Index fell 1.34%, China’s Shanghai Composite index declined 0.93% and Japan’s Nikkei 225 slid 0.61%.

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