US stocks slip ahead of Fed chief Powell's testimony on Capitol Hill

• US stocks were mixed Tuesday ahead of testimony from Fed Chairman Jerome Powell.
• Powell will appear before the Senate Banking Committee on Tuesday to talk about monetary policy.

US stocks traded mixed on Tuesday as investors awaited an appearance by Federal Reserve Chairman Jerome Powell on Capitol Hill.

He will testify before the Senate Banking Committee at 10 a.m. ET to deliver the central bank's semiannual monetary policy report to Congress. On Wednesday, he will testify before House Financial Services Committee.

The testimony comes amid signs of sticky inflation and indications that the Fed will remain aggressive on rates to rein in inflation. Over the weekend, dovish policymaker San Francisco Fed President Mary Daly said central bankers need raise interest rates higher and keep them there longer.

Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 4,047.74, down 0.02%

• Dow Jones Industrial Average: 33,422.44, down 0.03% (9.00 points)

• Nasdaq Composite: 11,673.48, down 0.02%

Here's what else is happening today:

• Nvidia can soar 19% as the market's top semiconductor stock because the firm's chips work most seamlessly with AI, Credit Suisse said.
• US stocks look as overvalued as when the 2022 bear market kicked off, Morgan Stanley warned.
• Salesforce CEO Marc Benioff is bracing for a brutal recession and said he was blindsided by the market chaos last year.

In commodities, bonds, and crypto:

• West Texas Intermediate crude dipped 0.6% to $79.98 per barrel. Brent crude, the international benchmark, eased 0.55% to $85.71.
• Gold slipped 0.7% to $1,841.50 per ounce.
• The 10-year Treasury yield fell 4.9 basis points to 3.934%.
• Bitcoin ticked up 0.04% to $22,388.40.