Wall Street Advances on Second Day of Powell’s Testimony

The indices are rising due to a decline in Treasury yields. Notably, Apple shares are up around 1% after reclaiming its position as the market’s most valuable company, with a record capitalization.

The three main Wall Street indices are advancing this Wednesday morning. The S&P 500 and the Nasdaq continue to set records, supported by the decline in Treasury yields in reaction to the testimony of the Federal Reserve Chairman.

The main index, the Dow Jones, which includes 30 major companies, is up 0.26% at 39,395.56 points. The S&P 500, comprising 500 stocks, gains 0.38% to 5,598.41 units. The Nasdaq Composite, heavily weighted with tech stocks, moves up 0.52% to 18,525.29 units.

Federal Reserve Chairman Jerome Powell appeared before Congress for the second day, this time before the House of Representatives. Yesterday, he told the Senate that if the data is favorable, a rate cut could be considered.

Among the companies, the performance of major tech firms stands out, especially Apple, whose shares are up more than 1% after reclaiming the position of the most valuable company yesterday, with a record capitalization of $3.5 trillion.

Another standout is electric car manufacturer Tesla, led by Elon Musk, which could extend its winning streak to 11 consecutive sessions today. As of yesterday, the company’s shares had gained over 43% this year, including a 5% increase recently.

Investors are preparing for tomorrow’s U.S. consumer inflation data, which could reinforce expectations of a rate cut. Additionally, the market anticipates the start of the earnings season at the end of the week.

ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.

Related Articles

S&P 500 (SPX) Approaches Key Support Levels: Will It Bounce or Extend Correction?

1 month ago

Save

S&P 500 Streaks Higher, But NFP Could Shake Things Up—What’s Next?

2 mo ago

Save

S&P 500 Nears 6,100: Can Bulls Overcome Tariffs and Economic Uncertainty?

3 mo ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments