U.S. Stocks Open Lower as Powell Set to Testify to Congress

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U.S. stocks opened lower and oil prices dropped Wednesday after major indexes rallied to start the trading week, with recent volatility in markets showing few signs of abating.

The S&P 500 declined 0.7% shortly after the opening bell. The Dow Jones Industrial Average fell 258 points, or 0.8%, and the Nasdaq Composite dropped 0.7%. U.S. stocks rallied Tuesday off their worst week since March 2020, offering investors a reprieve from a recent stretch of whipsaw trading that had sent stocks and cryptocurrencies falling.