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Japan's Nikkei 225 Index Hits Record Closing High, as Markets Follow Wall Street's Rise
NEW YORK (AP) — Stocks drifted in mostly flat trading on Wall Street Tuesday after the Federal Reserve chairman resigned Jerome Powell's Testimony before the Senate Banking Committee.
The S&P 500 and Nasdaq Composite gained 0.3%. Both indices are on track to improve on Monday's records.
The Dow Jones Industrial Average fell 16 points, or less than 0.1 percent, as of 12:22 p.m. ET.
Consumer goods company Helen of Troy, which makes Osprey and OXO products, fell 26% after reporting first-quarter results that fell well short of expectations.
Chipmaker Intel rose another 2.6% after gaining 6.2% on Monday as bullish analysts suggested the company's upcoming processors will be in high demand for AI-related products.
Treasury yields edged higher in the bond market. The yield on the 10-year Treasury note rose to 4.31% from 4.28% late Monday.
Powell’s testimony this week comes ahead of the latest inflation updates on Thursday and Friday. The central bank is keeping its benchmark interest rate at its highest level in more than two decades, while cautiously awaiting further signals that inflation is continuing to slow.
Prices have fallen sharply over the past two years as the Fed has raised interest rates. Its aim is to bring inflation back to its 2% target without slowing economic growth too much.
Powell's testimony on Tuesday will be followed by testimony on Wednesday before the House Financial Services Committee.
Wall Street expects the government's latest report, released Thursday, to show consumer prices falling to 3.1% in June, from 3.3% in May. A report on wholesale inflation, before costs are passed on to consumers, is due Friday.
The Fed remains cautious about any interest rate changes until it is confident that inflation remains on a calmer path. Most measures of inflation show it easing, albeit at a much slower pace through 2024. The rate is hovering around 3% and continues to put pressure on consumers, particularly those with lower incomes.
In his testimony Tuesday, Powell stressed that high inflation is not the only risk we face. Cutting rates too late or too little could unduly weaken economic activity and employment, he said.
A strong jobs market and healthy consumer spending have supported economic growth, although the pace has slowed. Consumer spending has also declined as inflation prompts many people to prioritize necessities over discretionary goods. Borrowing costs are also higher because of high interest rates, putting additional pressure on consumers.
Wall Street is hoping for rate cuts this year, which could ease pressure on consumers and investors. Most experts expect the Fed to cut rates this year, but not before September. The Fed's next policy meeting is later this month.
If the Fed fails to start cutting rates in the coming months, the economy risks weakening further in the near term and would also delay when we expect the economy to pick up speed again, said Dave Sekera, chief U.S. market strategist at Morningstar.
Traders are also eagerly awaiting several earnings reports this week. Delta Air Lines will report results on Thursday.
JPMorgan, Citigroup and Wells Fargo will report earnings on Friday. Those updates could provide a clearer picture of consumer debt levels and whether banks are worried about payments and possible late payments.
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AP business writer Christopher Rugaber contributed to this report.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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