Powell's Testimony Triggers Market Pullback and Futures Fall.

Stock futures fell ahead of Federal Reserve Chair Jerome Powell's second day of testimony to Congress, following a wave of hawkish central-bank hikes. The Bank of England's decision to increase UK interest rates by 50 basis points to 5% underlined the determination of policymakers worldwide to combat inflation. Futures on the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all dropped, with techs leading the way lower in the previous session.