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Stock market today: S&P 500, Nasdaq eye fresh records as Powell notes inflation progress

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Jerome Powell Nouvelles

Nasdaq Composite,Federal Reserve,S&P 500

Investors cautiously weighed the rate-cut odds ahead of crucial June jobs data, with Powell comments on deck.

US stocks rallied on Tuesday as investors digested fresh commentary from Federal Reserve chair Jerome Powell, who cheered the "disinflationary path" of recent economic data. The Dow Jones Industrial Average rose nearly 0.3%, while the S&P 500 added 0.4%. Meanwhile, the tech-filled Nasdaq Composite gained nearly 0.7%. Both the S&P 500 and Nasdaq were pacing for record closes. The market came off its lows just after 10 a.m.

14 million jobs open at the end of May, an unexpected increase from the 7.92 million job openings in April. For his part, Powell said he is encouraged by cooler inflation but reinforced that the central bank will need to see more evidence before cutting interest rates. He noted the latest inflation readings from April and May "do suggest that we are getting back on a disinflationary path." The 10-year Treasury yield nudged lower to 4.

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