Powell's Testimony Casts Uncertainty on Stock Market Rally

Stocks futures were mostly flat before the opening bell as investors awaited Federal Reserve Chair Jerome Powell's testimony in Congress later in the day. Futures on the S&P 500 and the Dow Jones Industrial Average were both up less than 0.1%, while contracts on the Nasdaq Composite were less than 0.1% lower. Investors are watching for any sign of hawkishness from Powell's comments and any signal that the Fed will follow through on policymakers' hint of two more hikes this year. An unexpected spat between President Joe Biden and China's President Xi Jinping is also seen as undermining efforts to rekindle relations between the US and China.