Market participants were once again concerned that the Federal Reserve’s ambitious intentions to tighten monetary policy may push the United States into a recession, which caused stock futures to drop on Wednesday.

Dow Jones (DJIA +2.15 percent), S&P 500 (SPX +2.45) and Nasdaq Composite futures were all down more than 1 percent at the time of this writing. A rise in Treasuries lowered the yield on the 10-year Treasury note from 3.304 percent to 3.213 percent.

After a calm weekend, the S&P 500 gained 2.5% and the Dow Industrials jumped more than 600 points. In the recent week, all three main indices lost at least 4%. Continue reading for more information.

By 643 points or 2.2 percent, the S&P 500 and the DJIA both gained 2.5 percent. The Nasdaq was also up 2.5%.

On Wednesday, Federal Reserve Chairman Jerome Powell will speak before the Senate Banking, Housing, and Urban Affairs Committee. Wall Street is afraid that the Federal Reserve’s recent increase in interest rates would lead to a downturn in the economy due to its attempts to curb historically high inflation. Despite Tuesday’s improvements, the S&P 500 has lost 21 percent of its value this year.

According to Susannah Streeter, a senior financial and markets analyst at Hargreaves Lansdown: “The recovery in US equities following Monday’s holiday shows symptoms of being short-lived since there was no substantial data out to warrant a continuous buying binge.” Futures in the United States suggest a weaker start for the stock market on Wall Street, indicating that investors are becoming more pessimistic about the Federal Reserve’s capacity to temper inflation without causing a cold shock to the U.S. economy, according to this report.

Powell will be grilled by legislators on Wednesday.

Today, Federal Reserve Chairman Jerome Powell is scheduled to appear before the House of Representatives. 

Federal Reserve Chair Jerome Powell will make a semi-annual report to Congress on the bank’s operations. Expect queries on inflation and recession to be politically colored. 

When the House Financial Services Committee convenes on Thursday, he will address inflation and the increasing risk of a downturn, among other topics. In the next 12 months, Goldman Sachs economists say there is a 30% possibility of a U.S. recession.

This year, Goldman sees a 30% chance of a recession. How it may seem.

Even so-called “shallow” recessions, as predicted by the business, may lead to increased rates of unemployment as well as losses for stock investors.

A worldwide recession, according to Citigroup’s estimates released on Wednesday, has a 50 percent probability of occurring.

Barkin said he agreed with Powell’s judgment that a rise in rates of 50 or 75 basis points next month is “very probable” after Richmond backed the Fed’s bold stance last week.

According to Barkin, “We are in a position where inflation is substantial, it is wide-based, it is persistent, and rates are still considerably below average. You want to go back to your desired location as quickly as possible without damaging anything in the process.

Since Barkin is not on the Fed’s interest-rate committee this year, he is not a voting member.

These are some of the stocks that might be moving today:

Before the start of premarket trading on Wednesday, shares of Tesla Inc. (OTCQB: TSLA) were down 2%, after surging 9.4% on Tuesday. It has been estimated that Tesla’s chief executive officer, Elon Musk, would slash as much as 3.5 percent of the company’s overall workforce.

Early Wednesday morning, Apple AAPL +3.28 percent (AAPL) and Microsoft MSFT +2.46 percent (MSFT) both dipped 1.8 percent and 1.7 percent, respectively. The stock prices of IT businesses have risen for the second day in a row.

LZB (NYSE: LZB) shares jumped 8.8 percent in premarket trade after the furniture producer reported fiscal fourth-quarter profits that were above expectations.

After its buyback program authorization was raised to $2 billion, Chesapeake Energy (CHK) declined by 3.1%.

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