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Stock market today: S&P 500 set to build on record high with Powell on deck

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Jerome Powell News

Nasdaq Composite,Federal Reserve,Economic Slowdown

Jerome Powell will shed light on the Fed's picture of the economy as he gives a policy update to the Senate.

US stocks were poised to resume their record-setting climb on Tuesday, as investors assessed concerns about a pullback as they waited for Federal Reserve chair Jerome Powell to speak. S&P 500 futures edged up 0.2%, while those on the tech-heavy Nasdaq 100 led the way higher with a 0.4% gain. Dow Jones Industrial Average futures were little changed. Stocks have ground out fresh all-time highs as signs of a US economic slowdown bolster bets on interest-rate cuts.

Testimony to the House follows the next day, setting the stage for a key update on consumer inflation on Thursday — all potential catalysts for stocks if they confirm a cooling. But a note of caution is seeping into the market as the idea of a summer pullback gets more backers, with Morgan Stanley strategist Mike Wilson calling for a 10% correction. Wall Street is getting cold feet about this coming earnings season, given the higher bar of expectations they face this time around.

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