US equities ended mixed overnight. The S&P 500 and NASDAQ record their fifth and sixth straight record close, up 0.07% and 0.14%. Gains marked the S&P 500’s longest winning streak since January, buoyed by Nvidia +2.5% and Powell’s commentary to Congress. The Dow lost 53 points (-0.13%), paring earlier gains. Up 147 points at best. Down 198 points at worst. Powell’s testimony to Congress didn’t alter bets for rate cuts this year. Powell didn’t offer a timeline for rate cuts, instead, he emphasised that the economy is no longer overheated and the mounting evidence of a cooling job market. Additionally, Powell said regulators were close to agreeing to change their plan to force big banks to hold more capital a big win for Wall Street Banks. JP Morgan, BofA, Wells Fargo, and Citi up between 1.2%- 2.8%. Shorter-term treasuries eased. 2Y yield, which is likely to benefit from policy easing, fell 0.8bps, and the 10Y yield edged 1.7bps higher.

Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.

Ready to invest in yourself? Join the Marcus Today community.