Wall Street Down Ahead of Powell Testimony

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, on Jan. 10, 2022. Brendan McDermid/Reuters

U.S. stock indexes fell on Tuesday ahead of Federal Reserve Chair Jerome Powell’s testimony that may offer fresh insight on policy tightening and the central bank’s plans to tackle inflation.

Powell is set to appear before the Senate Banking Committee at 10 a.m ET for consideration for a second four-year term as head of the Fed, while Lael Brainard is set to appear before the same panel on Thursday for promotion to a four-year term as Fed vice chair.