US stocks open mixed as markets await Fed chair's speech

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened mixed on Tuesday as markets await Federal Reserve Chair Jerome Powell's speech.

The Dow Jones was down 105 points, or 0.31%, to 33,785 at 9.45 a.m. EDT (1445GMT).

The S&P 500 was down 6 points, or 0.16%, to 4,104.

The tech-heavy Nasdaq, on the other hand, rose 12 points, or 0.11%, to 11,900 at the time.

The VIX volatility index, also known as the fear index, was up 1.8% at 19.79, while the 10-year US Treasury yield rose 0.5% to 3.651%.

The dollar index added 0.2% to 103.80, while the euro lost 0.4% to $1.0685 against the greenback.

Precious metals were mixed, with gold rising 0.1% to $1,870 per ounce but silver trimming 0.3% to $22.20.

Crude oil prices were up more than 1.1%, with global benchmark Brent crude at $81.85 per barrel and US benchmark West Texas Intermediate crude at $75.22.

Powell will speak at the Economic Club of Washington, D.C. at 12.40 p.m. EDT, as investors will look for hints in his remarks about how long the Fed will continue to make rate hikes and keep interest rates high.

The Fed last Wednesday raised its benchmark interest rate by 25 basis points, which is a slowdown from December's 50 basis points rate hike and the four consecutive 75 basis-point hikes before that.

In seven hikes last year, the US central bank raised interest rates by a total of 425 points to fight record-high inflation.