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Wall Street down ahead of Powell testimony; Dow falls 250 points

IBM down after UBS downgrades to 'sell'; Federal Reserve Chair Jerome Powell's testimony may offer fresh insight on policy tightening

Wall Street, US stocks, S&P, Dow Jones
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Reuters
US 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.

"I believe Powell will stick to his script, as he generally is disciplined enough to do and I'm not expecting anything

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