Powell is due to deliver his semiannual monetary policy testimony before the House Financial Services Committee at 10 a.m.
Still, the benchmark S&P 500 (.SPX) has advanced 14.3% so far this year.
It holds chances of a recession at 25%, and in that base case, it expects the S&P 500 to rise to 4,500 - about 2.5% higher than current levels.
ET, Dow e-minis were down 17 points, or 0.05%, S&P 500 e-minis were down 1.25 points, or 0.03%, and Nasdaq 100 e-minis were down 12.5 points, or 0.08%.
Reporting by Shubham Batra and Johann M Cherian in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
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