Powell's Testimony Triggers Wall Street Sell-Off and Inflation Predictions

U.S. stocks closed lower on Wednesday as Federal Reserve Chairman Jerome Powell's congressional testimony reinforced the central bank's objective to rein in inflation as he hinted at the likelihood of further interest rate hikes. All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Crypto firms, including Coinbase, Riot Platforms, Marathon Digital, and Bit Digital, gained between 1.8% and 4.2%, as Bitcoin breeched the $30,000 level.