Stocks dip slightly in choppy trading | Fed Chair Powell on inflation | Biden calls for gas tax suspension

Stocks failed to sustain a comeback rally despite gains earlier in the day.

VIEW IN BROWSER | SUBSCRIBE WED, JUN 22, 2022 EVENING BRIEF AS OF WED, JUN 22, 2022 • 05:00 ET DJIA 30483.13 -0.15% -47.12 S&P 500 3759.89 -0.13% -4.90 NASDAQ 11053.08 -0.15% -16.22 Most Active DOW NAME LAST CHG %CHG AAPL 135.35 -0.52 -0.38% INTC 37.38 -0.35 -0.93% MSFT 253.13 -0.61 -0.24% S&P 500 NAME LAST CHG %CHG AMD 83.75 -0.04 -0.05% AAPL 135.35 -0.52 -0.38% AMZN 108.95 +0.27 +0.25% NASDAQ NAME LAST CHG %CHG AMD 83.75 -0.04 -0.05% AAPL 135.35 -0.52 -0.38% AMZN 108.95 +0.27 +0.25% EDITOR'S NOTE Stocks failed to sustain a rebound after a rough trading session on Wednesday. Investors digested the latest remarks on inflation from Federal Reserve Chair Jerome Powell.    Powell on Wednesday told congressional leaders that the Federal Reserve has the resources and the "resolve" to tamp down surging inflation. Last week, the central bank raised interest rates by 0.75 percentage point, the largest increase since 1994.   "Inflation remains the biggest risk to financial assets, and Jerome Powell has made his position abundantly clear: The Fed will continue to raise interest rates until inflation begins to wane. Until then, a sustainable rally for risk assets is hard to imagine," wrote Robert Schein, chief investment officer of Blanke Schein Wealth Management.    "Tight monetary conditions will continue to be a headwind to financial markets until the Fed gives the greenlight," Schein continued.    Indeed, this week some banks raised their expectations of a recession.    Citigroup raised its odds for a global recession to 50%, saying that consumers are starting to pull back on spending.   "The experience of history indicates that disinflation often carries meaningful costs for growth, and we see the aggregate probability of recession as now approaching 50%," read a note from Citigroup.   Goldman Sachs also believes the risks of a recession are "higher and more front-loaded." Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks inch lower as rally attempt on Wall Street falters Powell tells Congress the Fed is 'strongly committed' on inflation, notes recession is a 'possibility' President Biden calls on Congress to suspend the federal gas tax for 90 days Demand for adjustable-rate mortgages surges, as interest rates make biggest jump in 13 years Biden calls on Congress to suspend the gas tax — Here's what that means for prices at the pump Franchise Group considers lowering Kohl's bid closer to $50 a share from about $60, source says Morgan Stanley's Jonas cuts Tesla price target, warns cars deliveries may fall short Analysis of Coinbase trading volume shows the crypto investing story may be broken, Mizuho says Jan. 6 Capitol riot probe aims to hold final hearings on pro-Trump mob in July as new evidence comes in Bitcoin billionaire Sam Bankman-Fried bails out embattled crypto firms BlockFi and Voyager TOP VIDEO Meta and Amazon both look good on value, profitability and low risk, says AQR's Cliff Asness CNBC PRO These stocks are insulated from a recession, Morgan Stanley says SPECIAL REPORTS 100 million adults have health-care debt — and 12% of them owe $10,000 or more Student loan forgiveness 'is not a problem that concerns the wealthy or the Ivy League,' Schumer says Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS