Stock market today: S&P 500 set to build on record high as Powell kicks off semiannual testimony

US stocks were poised to resume their record-setting climb on Tuesday, as investors assessed concerns about a pullback while Federal Reserve chair Jerome Powell kicked off his semiannual update to Congress. The S&P 500 edged up about 0.1% after the index booked its 35th record close of the year on Monday, while the tech-heavy Nasdaq Composite led the way higher with a roughly 0.3% gain following its own record close the day prior.

In prepared remarks, the central bank leader said he's encouraged by evidence of cooler inflation, but that the Fed still needs more "good data" to be confident that inflation is moving towards its 2% target. Powell will appear before the House on Wednesday, setting the stage for a key update on consumer inflation on Thursday — all potential catalysts for stocks if they confirm a cooling.

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