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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Stock market today: Wall Street wavers following congressional testimony from PowellStocks closed mixed on Wall Street after testimony from Federal Reserve Chair Jerome Powell in front of Congress provided little new guidance on the Fed’s plans on when it might lower interest rates.
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Stock market today: Wall Street opens mixed ahead of congressional testimony from PowellNEW YORK (AP) — Stocks are opening mixed on Wall Street ahead of Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee. The S&P 500 was up 0.2% in the first few minutes of trading Tuesday.
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Stock market today: S&P 500 set to build on record high with Powell on deckJerome Powell will shed light on the Fed's picture of the economy as he gives a policy update to the Senate.
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Stock market today: S&P 500, Nasdaq eke out fresh records with Powell on deckA consequential week that could provide key signals for the near-term path of interest rates.
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