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US Stocks Open Mostly Lower Tuesday    06/22 09:35

   Stocks were slightly lower Tuesday, as traders wait for more clues on the 
Federal Reserve's thinking on inflation.

   (AP) -- Stocks were slightly lower Tuesday, as traders wait for more clues 
on the Federal Reserve's thinking on inflation.

   The S&P 500 index was down 0.1% as of 9:55 a.m. Eastern. The Dow Jones 
Industrial Average fell 0.2% and the Nasdaq Composite was mostly unchanged.

   Fed Chair Jerome Powell will testify before Congress later Tuesday on the 
central bank's response to the coronavirus pandemic. Investors remain focused 
on the issue of inflation and will be listening closely to Powell's comments on 
this issue. The U.S. economy is recovering from the pandemic quickly as 
vaccines have rolled out, but it's caused prices for basic materials to rise 
noticeably in recent months.

   In prepared remarks, Powell reaffirmed the Fed's position that while 
inflation has accelerated recently, the Fed expect the effects to be transitory.

   Powell's remarks follow a meeting of the Fed policymakers last week, when 
central bank officials signaled they were prepared to raise rates earlier than 
they had previously suggested.

   GameStop rose 9% after the company announced it had raised $1 billion in 
selling new shares to investors.

   The price of Bitcoin continued to fall, adding to its losses from the 
previous couple of weeks. The digital currency is trading under $30,000, 
according to Coindesk, about where it started the year. It traded above $60,000 
in mid-April.

 
 
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