Title: S&P 500 Hits All-Time High Amid Powell Testimony and Inflation Data - Impact on Markets and Earnings
Investing.com - The S&P 500 continued its record-breaking streak, reaching all-time highs for the fourth consecutive session despite cautious sentiment ahead of Federal Reserve Chair Jerome Powell's testimony to Congress and key inflation data this week.
At 4:00 PM ET (8:00 PM GMT), the S&P 500 climbed 0.06% to a fresh closing record of 5,570.73, while the Dow rose 0.2% to a closing record. The Nasdaq fell 31 points, or 0.1%.
Powell is set to testify before the Senate and the House on monetary policy. The focus will be on inflation, with the CPI data expected to rise by 0.1% m/m and 3.1% y/y.
Traders are pricing in a 72% chance of a 25 basis point rate cut in September.
Q2 earnings season kicks off this week, starting with heavyweight bank earnings on Friday. Investors will be watching to see how corporate earnings hold up under pressure from high interest rates and inflation.
In other news, Paramount Global stock fell after merging with Skydance Media, while Boeing agreed to plead guilty to a criminal fraud conspiracy charge. Corning Incorporated surprised with raised Q2 sales and earnings outlook.
Analysis: The S&P 500 hitting all-time highs amidst Powell's testimony and inflation data shows the market's resilience. The focus on rate cuts and earnings will be crucial for investors in the coming weeks. Paramount, Boeing, and Corning's developments highlight the ongoing shifts in the corporate landscape. Investors should stay informed and adjust their strategies accordingly.