Stocks Open Lower as Investors Await Powell’s Comments and Earnings Reports

US stocks opened lower on Wednesday, with the Dow Jones Industrial Average (DJIA) trading down 0.1% and the S&P 500 (SPX) down 0.2%.[0] The Nasdaq Composite (NDX) steadied at 11,888. Investors are awaiting comments from Federal Reserve Chair Jerome Powell, who will speak at the Economic Club of Washington D.C. later today.

[1] The yield on the 10-year U.S. treasury increased by 10 basis points to reach 3.[2]

Notable companies reporting earnings this week include Disney (DIS), BP (BP), PepsiCo (PEP), Uber (UBER), Chipotle Mexican Grill (CMG), Hilton (HLT), Wendy’s (WEN), Coty (COTY), and PayPal Holdings (PYPL).[3]

Catalent (CTLT) surged more than 25% in pre-market trading after a Bloomberg report said that Danaher is said to be interested in acquiring the company.[4] Meanwhile, Pinterest (PINS) is down more than 6% after reporting Q4 revenue of $877.2 million, weaker than the consensus of $887.2 million.[5] Skyworks Solutions (SWKS) is up more than 8% to lead gainers in the S&P 500 after reporting Q1 adjusted operating income of $491.3 million, above the consensus of $487.9 million.[5] Oak Street Health (OSH) is up more than 30% after the Wall Street Journal report that the company is close to an agreement to be acquired by CVS Health for about $10.5 billion.[5]

Chipotle Mexican Grill (CMG) fell 4.6% after the company reported Q4 EPS of $8.29 versus $8.92 expected, while revenue came in at $2.2 billion versus $2.23B expected.[6] Cruise liner Royal Caribbean (RCL) gained after posting narrower-than-expected Q4 losses.[6] Bed Bath & Beyond Inc (BBBY) shares fell 43% on Tuesday after the struggling home goods retailer announced plans to sell $1 billion in stock to raise cash.[7] [8]

Overall, investors remain cautious ahead of the Fed Chair’s comments and the upcoming earnings season.

0. “U.S. stocks open lower as investors await Powell remarks” MarketWatch, 7 Feb. 2023,

1. “Wall Street declines ahead of Powell’s statements”, 7 Feb. 2023,’s-statements-42361

2. “Stock Market On The Defensive Ahead Of Powell’s Comments; Up 150% | Investor’s Business Daily” Investor’s Business Daily, 6 Feb. 2023,

3. “Stock Market News Today: Indices Begin Week on a Low Note” TipRanks, 6 Feb. 2023,

4. “Stocks Lower On The Outlook For Hawkish Fed” Barchart, 6 Feb. 2023,

5. “Stocks Mixed as Markets Brace for Fed Chair Powell’s Comments” Barchart, 7 Feb. 2023,

6. “Stock Market News Today: Futures Slide as Markets Reassess Powell’s Words” msnNOW, 8 Feb. 2023,

7. “U.S. stocks are falling as investors await comments from Fed’s Powell By”, 7 Feb. 2023,

8. “Stock market news live updates: Stocks start week lower as investors ponder Fed’s rate path” Yahoo News, 6 Feb. 2023,