Stock market today: US futures hold near records as Powell buoys rate-cut hopes

US stocks held near all-time highs on Wednesday as Jerome Powell's remarks to the Senate buoyed rate-cut hopes, with the Federal Reserve chair set to return to Congress for another day of testimony. S&P 500 futures rose roughly 0.2%, coming off a 36th record close for the benchmark. Dow Jones Industrial Average futures wobbled along the flatline, while contracts on the tech-heavy Nasdaq 100 edged 0.3% higher.

He also cautioned that keeping rates elevated for too long could weaken the economy, giving hope to rate cut-hungry investors. The focus is now on Powell's appearance in the House on Wednesday for part two of his twice-yearly policy update. Investors will be on the alert for clues to whether bets that two rate reductions are coming this year are well-placed. But a key test for stocks and rate-cut prospects still lies ahead, in the crucial consumer inflation report due on Thursday.

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