POWELL TAKE-TWO: Fed Chairman Jerome Powell returns to Capitol Hill to testify before the House Financial Services Committee as part of his regular, semi-annual update on monetary policy. On Wednesday, Powell appeared before the Senate Banking Committee. Powell pledged that Fed officials will continue to raise interest rates until they see "compelling evidence" that inflation is starting to cool off from the current 40-year high.

BANK STRESS TESTS: The Fed will also publish the results of its annual stress tests of the nations' largest banks, which examines how their portfolios would perform under a hypothetical market downturn.

JOBLESS CLAIMS: The Labor Department is out with its count of new claims for unemployment benefits for last week. Expectations are for 227,000, little changed from 229,000 the previous week, holding slightly above pre-pandemic levels. Continuing claims, which track the total number of workers collecting unemployment benefits, are anticipated to inch higher for a third week, to 1.315 million, up from a 52-year low and signaling an exceptionally tight labor market.

S&P GLOBAL REPORTS: Readings are due on its flash manufacturing and services reports for June. Watch for manufacturing activity to fall one point to 56.0. Services sector activity is expected to edge up to 53.5. A reading above 50 indicates an expanding sector.

EARNINGS REPORTS: Quarterly results will ramp up on Thursday with Accenture, Darden Restaurants, FactSet Research Systems and Rite Aid before the market opens. Meanwhile, BlackBerry, FedEx and Smith & Wesson Brands will take the spotlight after the bell.

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