Dow tumbles 400 points, Nasdaq coughs up early gain as Wall Street heads for losing month Concerns about inflation and supply chain issues continued to hamper stocks. in early trading after the company said those issues hurt the company’s second quarter results, and the news also weighed on fellow retail stocks. Investors were also keeping an eye on Washington as Senate Majority Leader Chuck Schumer said late Wednesday that the chamber had reached a deal to avoid a government shutdown this week. Schumer said he would schedule a vote on Thursday for the stopgap measure that would keep the government running into early December. The deal would still need to pass the House. Fed Chair Jerome Powell and Treasury Secretary Janet Yellen were testifying before the House Financial Services Committee on Thursday morning. Yellen reiterated her call for Congress to raise the debt ceiling, saying that failure to do so would be “catastrophic.”
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Concerns about inflation and supply chain issues continued to hamper stocks. in early trading after the company said those issues hurt the company’s second quarter results, and the news also weighed on fellow retail stocks.
Investors were also keeping an eye on Washington as Senate Majority Leader Chuck Schumer said late Wednesday that the chamber had reached a deal to avoid a government shutdown this week. Schumer said he would schedule a vote on Thursday for the stopgap measure that would keep the government running into early December. The deal would still need to pass the House.
Fed Chair Jerome Powell and Treasury Secretary Janet Yellen were testifying before the House Financial Services Committee on Thursday morning. Yellen reiterated her call for Congress to raise the debt ceiling, saying that failure to do so would be “catastrophic.”
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