Futures are pointed lower Wednesday morning ahead of Fed Chair Jerome Powell's congressional testimony. Shares of La-Z-Boy (LZB) are up 9% this morning after the company surpassed earnings and revenue estimates driven by strong furnishings demand with operating margins rising from 9.6% to 11.5%. Commodity prices are falling this morning as concerns of a broad economic slowdown brought WTI crude oil to $104 a barrel after surpassing $120 earlier in the month. Additionally, President Biden is expected to call for a gasoline tax holiday today, although he will need Congress to pass it.
The Dow Jones is down -1.17%, the S&P is down -1.34%, the Nasdaq is down -1.49%.
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