Dow skids 100 points lower at the open as stocks head south for 3rd straight day ahead of Powell testimony

U.S. stock indexes headed lower for a third day in a row to kick off Tuesday dealings, with investors awaiting guidance on monetary policy from Federal Reserve Chairman Jerome Powell starting Wednesday. The Dow Jones Industrial Average DJIA, -0.44% declined 123 points, or 0.5%, at 26,682, the S&P 500 index SPX, -0.28% declined 10 points, or 0.4%, at 2,965, while the Nasdaq Composite Index COMP, -0.12% fell 0.4% at 8,063, down 35 points. On Wednesday, Powell commences two days of semiannual testimony before Congress. Markets are hoping the central-bank chief will shed some light on a meeting due later this month, with investors clinging to hopes for a rate cut. In corporate news, shares of PepsiCo Inc. PEP, -0.82% were rising after the maker of Quaker oatmeal and Tropicana orange juice said revenue rose 2.2% from a year ago to $16.45 billion.

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