Wall Street Today | Revlon stock surges after bankruptcy filing, aided by individual investors

"The other risk, though, is that we would not manage to restore price stability and that we would allow this high inflation to get entrenched in the economy," Powell told lawmakers on Wednesday. "We can't fail on that task. We have to get back to 2% inflation."

US President Joe Biden is planning to waive a federal gasoline tax to help Americans battling surging inflation. But prices have already dropped from record highs amid fears of a recession and signs of easing demand.

US gasoline futures are about 13% below the record high seen earlier this month and pump prices have dropped for more than seven days straight — the biggest run of losses since April — after rising to a fresh peak early last week, as recession concerns grip the market.

The dislocation of global fuel markets after Russia's invasion of Ukraine has boosted the cost of shipping products such as diesel by sea. Rates to haul fuels such as gasoline and diesel, known in the industry as clean tanker freight, have more than doubled this year to the highest since April 2020, according to Baltic Exchange data. The event has exacerbated a tightening of energy markets, upending trade flows and forcing buyers to scour the world for fuel supplies.

U.S. Federal prosecutors on Wednesday charged Trevor Milton with a new count of wire fraud, alleging he misrepresented the state of Nikola's business to convince the seller of the Wasatch Creek Ranch to accept an option to buy Nikola stock as partial payment for the ranch around April 2020.

More bearish bets have been placed on Revlon than nearly any other stock, according to Fintel, with about 37% of its shares available to the public currently sold short by investors who are betting they will fall.

The company is growing concerned that the environment for certain retailers could become bleaker from here, particularly if the U.S. were to enter a recession, the person said. Kohl's shares closed down nearly 9% on Wednesday at $38.61 per share.

Existing customers of the tools can keep using them for a year before they expire. The company is also limiting the use of other facial-recognition programs to ensure the technologies meet Microsoft's ethical AI guidelines.