© Reuters
By Liz Moyer
Investing.com — U.S. stocks rose after Federal Reserve Chair Jerome Powell answered questions about inflation and monetary policy in his semiannual trip to Capitol Hill. Here are the midday movers for June 22:
- La-Z-Boy Incorporated (NYSE:) shares rose 8% after the furniture retailer reported net sales rose 32% over last year on strong wholesale sales. The company said demand could be volatile.
- Altria Group (NYSE:) stock fell 9% after a report the U.S. government was going to ask its Juul Labs division to remove its e-cigarette from the U.S. market.
- ConocoPhillips (NYSE:) stock was down 5% as oil prices plunged by the same amount earlier Wednesday. Other oil producers also fell, including Phillips 66 (NYSE:), down 4%, and Marathon Oil Corporation (NYSE:), down 6%. The Biden administration wants Congress to suspend the federal gasoline tax for three months to relieve high prices at the pump.
- Nike Inc (NYSE:) stock fell 2.5% after Seaport Research Partners downgraded it to neutral from buy.
- Moderna Inc (NASDAQ:) stock rose more than 6% after it said tests of its latest booster shot against Covid-19, targeting the Omicron variant, were effective against the subvariants that are becoming the dominant strains in the U.S.
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