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Stock futures drop ahead of Powell testimony

U.S. stock futures wobbled and oil prices fell ahead of a second day of testimony from the Federal Reserve Chairman Jerome Powell after warning that rapidly rising interest rates threatened a recession.

Futures linked to the S&P 500 oscillated between small gains and losses on Thursday. Tech-heavy Nasdaq-100 futures rose 0.3% while blue-chip Dow Jones Industrial Average futures edged down 0.4%.