With the exception of Micrsoft MSFT.O, all major technology and growth companies declined between 0.2% and 2% in premarket trading. In his remarks to lawmakers in Washington on Wednesday, Powell said the outlook for further rate increases are "a pretty good guess" of where the central bank is heading if the economy continues in its current direction. In the previous session, shares of megacap companies came under pressure and led the declines in U.S. stocks for the third straight day after Powell reinforced the Fed's inflation objective.