Wall Street shows promise as S&P 500 and Nasdaq aim for record highs, while the Dow remains stagnant. Tech and housing sectors perform well, while financials and energy lag behind. Federal Reserve Chair Jerome Powell's testimony and upcoming inflation data and earnings season are in focus. Powell hints at potential interest rate cuts. Overall, the market awaits further data and Powell's statements.
Nasdaq, S&P 500 green, Dow ~flat
Tech up most among S&P sectors; Financials weakest group
Euro STOXX 600 index up ~0.5%
Dollar ~flat; crude, bitcoin slip; gold gains
U.S. 10-Year Treasury yield edges down to ~4.29% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at
S&P 500, NASDAQ AIM TO EXTEND RUN OF RECORD-CLOSING HIGHS, DOW LOITERS NEAR STARTING LINE
Wall Street got off to a promising - and familiar - start on Wednesday as investors girded themselves for a second day of Congressional testimony from Federal Reserve Chair Jerome Powell, not to mention crucial inflation data and the unofficial launch of second-quarter earnings season.
In a repeat of recent sessions, the S&P 500 (.SPX) is gaining, while megacap tech-related stocks are putting the Nasdaq (.IXIC) in first place.
And once again, the Dow (.DJI) is languishing near flat.
Chips (.SOX) and housing stocks (.HGX) are outperformers, while financials (.SPSY) and energy (.SPNY) are drags.
Should stocks stick to their current course between now and the 4 o’clock closing bell, the S&P 500 will have clocked its 6th-straight record closing high, while the Nasdaq will have nabbed its 7th.
On Tuesday, Powell told the Senate Banking Committee that despite his assessment that the U.S. “is no longer an overheated economy,” and acknowledged risks of keeping restrictive policies in place for too long while refusing to talk about the specific timing of interest rate cuts.
More of the same can be expected on Wednesday when he testifies before the House Financial Services Committee.
In fact, his prepared remarks for both chambers are identical.
Powell also said “more good data” would make the central bank more readily consider lowering its key policy rate.
We’ll see whether he’ll get what he asked for on Thursday and Friday, when the Labor Department is expected to release its consumer and producer price indexes.
Here’s where things stood as of 0948 EDT (1348 GMT):
(Stephen Culp)
FOR WEDNESDAY’S EARLIER ON LIVE MARKETS POSTS:
SMALL CAPS: READY TO RUMBLE, BUMBLE OR STUMBLE? - CLICK HERE
INVESTORS ARE CLOSELY WATCHING BOE SPEAK - CLICK HERE
EUROPE’S BANKS TO LIFT GUIDANCE, BUT WILL THAT MATTER? - CLICK HERE
EUROPEAN TELECOMS FINDING SOME SELL-SIDE SUPPORT - CLICK HERE
REAL ESTATE AND UTILITIES SUPPORT THE STOXX - CLICK HERE
EUROPE TO STEADY AFTER FRENCH LED DROP, EYES ON GERMAN AUTOS - CLICK HERE
TURNING THE CORNER IN THE INFLATION FIGHT - CLICK HERE
Opening snapshot