Stock market today: Japan's Nikkei 225 index logs record close, as markets track rally on Wall St

A currency trader passes by the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 9, 2024. – Asian shares were mostly higher Tuesday, with Tokyo's benchmark hitting another record, after Wall Street benchmarks reached more milestones.

“Risk-taking will still likely be more measured ahead of the Federal Reserve Chair’s testimony and the key U.S. inflation release this week,” Yeap Jun Rong, a market analyst at IG, said in a commentary. Gains in tech stocks, including several chipmakers, tempered declines in communication services, energy and other sectors of the S&P 500. Nvidia rose 1.9%, Broadcom added 2.5% and Advanced Micro Devices finished with a 3.9% gain.

JPMorgan, Citigroup and Wells Fargo will report results on Friday. The latest updates for banks could give Wall Street a clearer picture on how consumers are handling increased debt and whether banks are worried about payments and potential delinquencies. The central bank will get more updates on inflation at the consumer level on Thursday. Wall Street expects the latest government report to show inflation easing to 3.1% in June from 3.3% in May.

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