Oddbean

S&P 500 rises to record as Powell highlights risk of leaving rates high for too long: Live updates ========== The S&P 500 rose to a fresh record as investors digested key testimony from Federal Reserve Chair Jerome Powell. Powell stated that keeping interest rates elevated for too long could risk further economic growth. The Nasdaq Composite also hit a record earlier in the session. Powell will continue testimony this week before Congress on Wednesday before the House Financial Services Committee. Nvidia shares were up 1.4% after KeyBanc hiked its price target on the chipmaker to $180. The S&P 500's gains were limited due to a lack of market breadth. Decliners were beating advancers on the NYSE and Nasdaq on Tuesday. Stocks tied to the artificial intelligence theme outperformed on Tuesday. Powell said the U.S. economy is not running too hot, but still has the strongest growth of any developed nation. The S&P 500 and Nasdaq Composite hit fresh record highs at the market open on Tuesday. BP shares fell more than 4% on Tuesday after the company warned it expects to report an impairment of up to $2 billion. European stocks opened lower on Tuesday. The S&P 500 has notched 35 record closing highs this year. U.S. stock futures opened little changed Monday night. #StockMarket #FederalReserve #InterestRates #S&p500 #NasdaqComposite #Nvidia #MarketBreadth #ArtificialIntelligence #UsEconomy #Bp #EuropeanStocks #StockFutures https://www.cnbc.com/2024/07/08/stock-market-today-live-updates.html