Nasdaq gives up record highs ahead of Powell congressional testimony

The major US stocks indices fell today, amid anticipation for the Federal Reserve Chairman Jerome Powell's testimony before the US Congress on monetary policy, following the Fed's decision to cut the interest rates for the third time this year during its October's meeting.

The markets have digested President Trump's remarks of yesterday, in which he criticized and accused China for cheating in its trade practices with the US.

Trump also blamed the previous US leaders for allowing China to manipulate the trade agreements and tolerated such unfair practices that have hurt the economy and the American workers.

The US economy showed today that the consumer price index (CPI) rose by 0.4% in October, the largest increase in 7 months.

As for trading trading, Dow fell by 0.1% or 43 points to 27,647, Nasdaq lost 0.1% or 14 points to 8,471, and S&P 500 fell by 0.1% or 3 points to 3,088.