Wall Street ends lower, pausing rally as Powell testimony looms

US stocks closed lower as investors took profits following a sustained rally amid concerns of weakening global demand. The sell-off followed the Nasdaq Composite’s longest winning streak since March 2019, and the S&P 500’s longest since November 2021. Federal Reserve Chairman Jerome Powell’s congressional testimony on Wednesday will be closely watched for clues regarding the length of the central bank’s restrictive policy. Of the 11 major sectors of the S&P 500, all except consumer discretionary stocks were in negative territory. Energy shares posted the largest drop, as signs of weakening Chinese demand increased concerns over slowing global demand.