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Stock market today: Wall Street wavers following congressional testimony from Powell

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Stocks 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.

The S&P 500 and the Nasdaq composite each rose 0.1% Tuesday, adding to their recent records. The Dow Jones Industrial Average fell 52 points, or 0.1%. Helen of Troy, which makes Osprey and OXO products, sank nearly 28% after posting results that fell far short of forecasts. Treasury yields rose slightly in the bond market. The yield on the 10-year Treasury edged up to 4.29%.

Chipmaker Intel rose another 1.9% following Monday’s 6.2% gain as bullish analysts suggest the company’s next processors will be in high demand for AI-related products. “The market is really seeing no surprises today and so that’s allowing it to modestly drift higher,” said Lisa Erickson, head of public markets at U.S. Bank Wealth Management.

Most measures of inflation show that it is easing, though at a much slower pace throughout 2024. The rate is hovering around 3% and continues exerting pressure on consumers, especially those with lower incomes. Wall Street is hoping for rate cuts this year that could alleviate some pressure on both consumers and investors. Most experts are expecting one rate cut from the Fed this year, but not until September. The Fed holds its next policy meeting later this month.

 

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