S&P 500 and Nasdaq notch record highs as Nvidia gains
) after U.S. Federal Reserve Chair Jerome Powell told lawmakers that more"good" economic data would strengthen the case for rate cuts.
However, the central bank chief insisted he was not"sending any signals about the timing of any future actions." Inflation data is also due this week, including Thursday's consumer price index and the producer price index reading on Friday. Analysts on average see S&P 500 companies increasing their aggregate earnings per share by 10.1% in the second quarter, up from an 8.2% increase in the first quarter, according to LSEG I/B/E/S data.Even as the S&P 500 rose, declining stocks outnumbered rising ones within the index by a 1.5-to-one ratio.
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