LIVE updates: Fed Chair Powell on Capitol Hill

Fed chair Jerome Powell testifies before House Financial Services Committee

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Federal Reserve Chair Powell is set to deliver day two of his testimony on the state of the U.S. economy in his Semiannual Monetary Policy Report.

Stocks are under pressure ahead of his remarks, similar to Tuesday, before the turnaround, as bond yields move higher.

On Tuesday he reminded lawmakers that while the recovery remains uncertain,  a wider rollout of the COVID-19 vaccine can help steady the economy.

FED'S POWELL SAYS US ECONOMIC OUTLOOK STILL 'HIGHLY UNCERTAIN,' BUT WIDER VACCINE ROLLOUT KEY

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Stock Alert: Bayport International Surges Over 200%

Shares of Bayport International Holdings, Inc. (BAYP) are surging over 200% on Wednesday morning despite no stock-related news to drive the shares.

BAYP is currently trading at $3.00, up $2.06 or 219.1489%, on the OTC Markets.

Bayport International Holdings engages in the acquisition and mining of oil and gas properties in the United States.

Herald morning quiz: February 25

Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz at 3pm for the afternoon quiz.

To challenge yourself with more quizzes, CLICK HERE.

Dr. Fauci says new data suggest 'long' Covid symptoms can last up to 9 months

New data suggests that people with Covid-19 can continue to suffer from symptoms for up to nine months after the initial infection, White House Chief Medical Advisor Dr. Anthony Fauci said Wednesday.

Researchers at the University of Washington recently found that 30% of patients reported symptoms for as long as nine months, Fauci told reporters during a White House news briefing on Covid-19. People reported fatigue, shortness of breath, sleep disorders and other symptoms that lasted for months, he said.

This is a developing story. Please check back for updates.

U.S. retail sales to rise 6.5% to 8.2% in 2021, as Covid vaccine triggers fastest growth in over two decades, NRF says

Retail sales are expected to grow this year between 6.5% and 8.2%, amounting to more than $4.33 trillion in sales, as the U.S. economy begins to reopen, and more and more individuals receive the Covid vaccine, the National Retail Federation said Wednesday.

A preliminary reading shows that retail sales grew 6.7% to $4.06 trillion last year, the industry's leading trade group said. That was largely boosted by nearly 22% growth online.

Over the course of the year, more Americans turned to websites and apps to buy groceries, comfortable clothing and home goods. The numbers exclude automobile dealers, gasoline stations and restaurants. 

"The trajectory of the economy is predicated on the effectiveness of the vaccine and its distribution," NRF Chief Economist Jack Kleinhenz said in a statement.

"Our principal assumption is that that the vaccination will be effective and permits accelerated growth during the mid-year," he said. "The economy is expected to see its fastest growth in over two decades." 

Read the full release from NRF here.

This story is developing. Please check back for updates.

Stock Alert: Oshkosh Gains 6% After Winning US Postal Service Contract

Oshkosh Corp. (OSK) shares are rising on Wednesday morning trade. The company has won a 10-year U.S. Postal Service contract to build next-generation delivery vehicles. The upgrade is with an initial investment of $482 million.

Wednesday, the company said it has been named one of the 2021 World’s Most Ethical Companies by Ethisphere Institute.

Currently, shares are at $116, up 6% from its previous close of $109.62 on a volume of 1,669,750. The shares have traded in a range of $46.72-$120.75 on average volume of 708,344.

Watch live: Biden Covid team holds briefing after FDA staff releases positive review of J&J vaccine

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President Joe Biden's Covid-19 response team is holding a news briefing Wednesday on the coronavirus pandemic, which has infected more than 28 million Americans and killed at least 502,681 in a little over a year.

Earlier Wednesday, the Food and Drug Administration's staff endorsed Johnson & Johnson's Covid-19 vaccine for emergency use, a critical step in bringing a third shot to the U.S. The report comes ahead of an FDA advisory panel meeting on Friday and could mean the green light for a third U.S. vaccine as soon as week's end.

J&J has a deal with the federal government to supply 100 million doses of its vaccine by the end of June. J&J's Vice President of Medical Affairs Dr. Richard Nettles said that, if authorized for use in the U.S., the company plans to ship more than 20 million doses to the U.S. by the end of March.

Read CNBC's live updates to see the latest news on the Covid -19 outbreak.