Nasdaq, S&P 500, Dow Jones move up in choppy trading

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The stock market continues choppy trading Wednesday as the market remains vulnerable to the words of Fed chief Jay Powell.

The major averages came off their highs as Powell said he will never take anything of the table when asked about a possible rate hike of 100 basis points. But added to gains after he finished speaking.

The Dow (DJI) +0.4%, up 114 to 30,644, S&P (SP500) +0.5%, up 18 to 3,783, and the Nasdaq (COMP.IND) +0.6%, up 71 to 11,140, are higher.

Earlier in his Senate testimony Powell said that continued rate hikes would be appropriate. But he also said that the FOMC needs to be “nimble” when responding to data, which could mean some flexibility from the front-loaded hike path.

Rates are still sharply lower. The U.S. 10-Year Treasury yield has declined 16 basis points to 3.13% and the U.S.2-Year Treasury yield has come down by 13 basis points to 3.06%.

Commodity prices have also subsided with oil retreating roughly 3% and falling below its 100-day moving average.

Other commodities trading in the red include natural gas, silver, platinum, copper, steel, coal, and soybeans.

From a global market stance, inflation figures rose in the United Kingdom and Canada. In the U.K. CPI data came in at 9.1% Y/Y notching the countries highest inflation levels in 40 years. Canadian annual inflation increased to 7.7% Y/Y its highest point in 39 years.

Among active stocks, shares of Revlon opened at their highest level since early April as the cosmetics retailer roared higher by more than 30%.