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Stock market today: S&P 500, Nasdaq build on record highs as Powell testimony keeps rate cut hopes alive

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Jerome Powell,Nasdaq,Federal Reserve

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

The S&P 500 and Nasdaq nabbed new record closes on Tuesday, as rate cut hopes remained intact after Federal Reserve chair Jerome Powell kicked off his semiannual update to Congress. The S&P 500 finished just above the flatline to book its 36th record close of the year, while the tech-heavy Nasdaq Composite also built on its previous record to close up about 0.1%. The Dow Jones Industrial Average , which seesawed throughout the trading session, closed down around 0.1%.

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. Traders still placed bets that the Fed will cut interest rates twice this year. "We’re increasingly confident in our forecast that the Fed will cut rates in September," wrote Oxford Economics chief US economist Ryan Sweet.

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