Stock market today: Indexes inch higher to new records after Powell testimony

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  • The S&P 500 and Nasdaq 100 edged out new records on Tuesday.
  • Investors tuned into Fed Chair Powell’s testimony, but his comments did not shift interest-rate outlooks.
  • June’s CPI data is due on Thursday. Economists estimate a 3.1% year-over-year rise.


The S&P 500 and Nasdaq 100 breached new records on Tuesday, though trades remained muted in the broader stock market.

Monetary-policy outlooks were little changed after Federal Reserve Chairman Jerome Powell’s testimony to Congress. Instead, markets continue to expect two interest rate cuts through the final months of this year.

In his remarks, Powell highlighted mounting data of a cooling job market, and noted that the Fed wanted to see further signs of disinflation. His testimony will continue through Wednesday.

Fresh inflation data will come as soon as Thursday, when June’s consumer price index is scheduled for release. Economists expect a year-over-year gain of 3.1%.


“Persistent price pressures in services and shelter suggest the move from around ~3.0% to the Fed’s characterization of price stability (2.0%) may be more difficult to achieve,” Comerica CIO John Lynch forecast. “Consequently, investors will be paying close attention to this Thursday’s CPI report for any indication the Fed can justify a cut in September.”

Here’s where US indexes stood at the 4:00 p.m. closing bell on Tuesday:

Here’s what else happened today:


In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil fell 1% to $81.53 a barrel. Brent crude, the international benchmark, dropped 1.7% to $84.75 a barrel.
  • Gold rose by 0.21% to $2,363.48 per ounce.
  • The 10-year Treasury yield climbed two basis points to 4.293%.
  • Bitcoin jumped 1.92% to $57,788.