US stocks continue retreat ahead of Powell testimony

NEW YORK, July 9, 2019 (AFP): Wall Street opened in the red on Tuesday, leaving US stocks down for the third straight session as investors awaited this week's testimony from Federal Reserve Chairman Jerome Powell.

Stock prices have retreated from last week's record highs as hopes faded that the Fed will make an unusually deep cut in interest rates this month, following a strong employment report.

While all eyes are on Powell's comments Wednesday and Thursday, markets also were expecting stalled US-China trade talks to restart this week.