Stock market today: Wall Street ticks higher ahead of more testimony from Fed Chair Powell

NEW YORK — U.S. stocks are ticking higher, sending Wall Street toward more records. The S&P 500 was up 0.2% in early trading Wednesday. The Dow Jones Industrial Average was flat, and the Nasdaq composite was 0.4% higher. Big technology companies were leading the way again. A frenzy around artificial-intelligence technology has been a major reason the U.S.

In testimony Tuesday before the Senate Banking Committee, Fed chair Powell reiterated that inflation has eased notably in the past two years, though it exceeds the central bank’s 2% target. There’s a risk in the Fed moving to cut interest rates too late or too little, he said, warning that either scenario could end up weaking the economy and job market.The U.S. releases new data on consumer prices Thursday and economists believe that they eased to 3.1% in June from 3.3% in May.

Corporate earnings will start rolling out this week when Delta Air Lines reports second quarter results Thursday. LegalZoom shares tumbled more than 28% after the online legal services company slashed its 2024 revenue guidance and announced the departure of CEO Dan Wernikoff, who will be replaced by Chairman Jeffrey Stibel.

In Asian trading, the Japanese benchmark Nikkei 225 index closed at another record high gaining 0.6% to finish the session at 41,831.99. It also had a record close on Tuesday, and hit an all-time high of 41,889.16 during the day Wednesday.Investors have been snapping up technology-related shares as enthusiasm builds over the potential of artificial intelligence.

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