Around 2:45 p.m. GMT, the Dow Jones fell by 0.08% and the S&P 500 by 0.06% while the Nasdaq took 0.14%, the indices fluctuating around equilibrium since the start of trading.

The New York Stock Exchange had already ended close to equilibrium on Monday, investors not wanting to commit before knowing what Jerome Powell could say to the Senate committee before which he must testify Tuesday from 3:00 p.m. GMT.

They are on the lookout for any indication of the central bank's next decisions.

“He will likely say that the Fed has made progress in reducing inflation, but that it still has work to do, that it remains committed to bringing inflation back to its 2% target, and that an overly tight labor market poses a risk of lingering inflationary pressures due to wage pressures," said Patrick O'Hare of Briefing.

"None of this would be surprising to the market based on Mr. Powell's past remarks," he added in a note.

"That's why we think the market can handle today's testimony as long as the Fed Chairman doesn't look like he's opening the door to a much higher terminal rate than the market is expecting. expect today."

The terminal rate is the level to which the Fed will raise its rates.

The great game of investors today is to guess how far they will go.

In view of recent figures on inflation, which remains high, consumption, which remains solid, and unemployment, which remains very low, this figure is constantly being raised.

Chris Low of FHN Financial pointed out, however, that the Fed Chairman's hearings before Congress are also an opportunity to discuss regulatory and budget issues.

"He won't focus as sharply on the direction of market interest rates as he would at a press conference" following a meeting of the Monetary Policy Committee, he noted in a note.

On the stock side, airlines JetBlue and Spirit took 1.85% and 1.00% respectively as, according to US media, the Department of Justice is preparing to launch a formal process to oppose their merger .

Meta, the parent company of Facebook and Instagram, rose 1.61% after a Bloomberg report citing job cuts beyond the 13% workforce reduction announced in November.

Its boss, Mark Zuckerberg, promised in early February that 2023 would be "the year of efficiency", suggesting further cuts could come.

Electric pickup maker Rivian, which is struggling to ramp up production, fell 9.49% after announcing plans to put $1.3 billion worth of bonds on the market.

WW International, which offers weight loss diets Weight Watchers, jumped 25% after announcing the acquisition of the company Sequence, which offers online consultations with weight management specialists.

© 2023 AFP