Powell's Testimony Boosts Tech Stocks Amid Rate Cut Speculation

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Federal Reserve Chair Jerome Powell’s testimony before Congress on Tuesday propelled the S&P 500 and the Nasdaq to record highs, with significant contributions from Nvidia and other megacap stocks.

Powell emphasized that additional positive economic data would bolster the case for interest-rate cuts. Nvidia saw a 2.4% boost, while Applied Materials and Micron Technology also showed gains, lifting the Philadelphia SE Semiconductor index to a new high.

The S&P 500 Information Technology Index also reached an all-time high, with key players like Alphabet, Meta Platforms, and Tesla experiencing rises between 0.3% and 3.6%. Meanwhile, the Dow Jones lagged, dragged down by over 1% declines in Salesforce and Microsoft. Investors are now focused on forthcoming inflation data and the second-quarter corporate earnings season, starting with major banks’ reports on Friday.

(Disclaimer: With inputs from agencies.)

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