News Formal

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

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 24 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Nasdaq Composite News

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500, Nasdaq eye fresh records as Powell notes inflation progressInvestors cautiously weighed the rate-cut odds ahead of crucial June jobs data, with Powell comments on deck.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Stock futures steady as S&P 500, Nasdaq try to build on recordsA consequential week that could provide key signals for the near-term path of interest rates.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500, Nasdaq hover near records as Nvidia becomes most valuable stockTechs are continuing to lead an AI-driven rally that investors simply can't afford to miss out on.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

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.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Stocks wobble as S&P 500, Nasdaq try to build on recordsA consequential week that could provide key signals for the near-term path of interest rates.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »