The S&P 500 edged up 0.2% on Wednesday, while the Nasdaq 100 gained 0.4% and appeared poised to surpass the all-time high set in the previous session. The Dow Jones on the other hand, hovered near the flatline.
Traders continued to assess the economic and monetary policy outlook ahead of Fed Chair Powell's second day of testimony before Congress.
His remarks on Tuesday were widely seen as dovish, reinforcing expectations for at least two interest rate cuts by year-end. Meanwhile, the apparent stability of the ceasefire between Iran and Israel also provided some support to market sentiment.
Tech and communication services were the top performing sectors while real estate underperformed. Megacaps were in the green, including Nvidia (1.3%), Microsoft (0.6%), Apple (1.2%), Amazon (1.1%) and Meta (0.2%).
Meanwhile, shares of FedEx were down more than 5% after the company forecasted a quarterly profit below estimates.
Source: Trading Economics
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