• (Closes): The Dow Jones Industrial Average was down 0.8 percent at 30,287.75.
• The S&P 500 fell 0.6 percent to 3,740.54.
• The tech-heavy Nasdaq Composite Index fell 0.5 percent to 11,019.80.

US stocks dipped, reversing some of the previous session’s gains, as markets awaited the Federal Reserve chairman’s testimony on inflation and monetary policy.

In prepared testimony, Fed Chairman Jerome Powell stated that additional inflation “surprises” could occur following the recent wave of unanticipated price hikes.

Read More: US stocks sink again, as S&P 500 enters ‘bear market’

The Senate banking committee hearing, the first of two appearances before lawmakers this week, follows Tuesday’s equity market rally in the wake of the market downturn in 2022.

Markets are jittery ahead of the upcoming earnings period, where the weakening economic outlook is expected to weigh on forecasts.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.8 percent at 30,287.75.

The S&P 500 fell 0.6 percent to 3,740.54, while the tech-heavy Nasdaq Composite Index fell 0.5 percent to 11,019.80.

Read More: US stocks churn on mixed labor data, OPEC meeting

Petroleum-related equities were particularly weak among industrial sectors, as oil prices fell on demand concerns and US President Joe Biden asked for a three-month suspension of the federal gas tax to address skyrocketing fuel prices.

Both ExxonMobil and Chevron were down more than 4%.

Previous US stocks

US stocks on Wall Street started the month of June on a high note Wednesday, rising early in the session on positive announcements from Salesforce and Delta.

Salesforce shares soared more than 13% higher after the software giant reported better-than-expected earnings and described consumer demand as robust.

Read More: US stocks begin June on positive note

Delta Air Lines, meanwhile, fell 2.1 percent, even as it described “strong” market conditions and demand despite the drag from higher fuel costs.