Stock market today: Wall Street wavers following congressional testimony from Powell
How did Treasury yields respond to the latest economic updates?
Treasury yields rose slightly in response to the latest economic updates, with the yield on the 10-year Treasury note edging up to 4.30% from 4.28% late Monday. This comes as Federal Reserve Chair Jerome Powell reiterated that inflation has eased notably in the past two years, though it remains above the central bank's 2% target, and warned of the risks of moving to cut interest rates too late or too little.
What are the expectations for the June consumer price index?
The June Consumer Price Index (CPI) is expected to show a slight increase, with a 0.1% rise in the monthly CPI and a 3.3% annual increase. This would be a moderate decrease from the previous month's 0.3% monthly rise and 3.4% annual increase.
How did the S&P 500 and Nasdaq perform after Powell's remarks?
The S&P 500 and Nasdaq both rose by 0.1% following Powell's remarks, reaching all-time highs for the second time this week. The Dow Jones Industrial Average, however, slipped 0.1% after spending much of the day drifting between small gains and losses.