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The major U.S. stock averages turned lower as Federal Reserve Chair Jerome Powell’s prepared statements for the Senate Banking Committee showed the central bank could speed up interest-rate rises.

The S&P 500 was recently down 0.6%

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Chart by Factset

The Dow industrials eased 0.4%, down from a roughly 0.1% gain earlier in the session.

While trending stocks today are:

Meta (META): Facebook and Instagram’s parent company is set to lay off thousands more employees, according to a Bloomberg report. This comes after it slashed 13% of its workforce four months ago. Meta stock opened up more than 2%.

Sea (SE): The Southeast Asian tech firm unexpectedly swung to a quarterly profit, with net income of $423 million, and Chief Executive Forrest Li said it was “starting 2023 on a much stronger footing.” Sea’s American depositary receipts leapt 8% in early action.

Grindr (GRND): Shares of the app geared toward the gay, bi, trans and queer community stood more than 5% lower after it reported a drop in net income.

Rivian Automotive (RIVN): The electric-vehicle maker was down more than 7%. It said Monday that it plans to sell $1.3 billion in convertible notes in a private offering.

Trip.com (TCOM): The Shanghai-based online travel company beat analysts’ estimates on revenue and net income, fueled by easing Covid-19 restrictions in China. Its portfolio of companies includes Skyscanner. Trip’s ADRs were off nearly 3%.

Dick’s Sporting Good (DKS): The retailer reported results and more than doubled its quarterly dividend, a move its CEO said reflected “strong conviction in our structurally higher sales and earnings.” Shares jumped more than 7%.