Stock market today: S&P 500, Nasdaq eke out fresh records with Powell on deck

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US stocks gained on Monday to start a consequential week that could provide key signals for the near-term path of interest rates. The S&P 500 (^GSPC) rose 0.1% and the tech-heavy Nasdaq Composite (^IXIC) climbed 0.3%, with each index managing to notch fresh records. The Dow Jones Industrial Average (^DJI) erased earlier session gains to slip 0.1%. The S&P and Nasdaq added to Friday's records secured in the wake of the jobs report, which signaled continued cooling in the labor market. That prompted an influx of bets on a September rate cut from the Federal Reserve. About 3 in 4 traders expect a cut in September, according to the CME FedWatch tool. Events this week could add to that growing rate-cut momentum. Fed Chair Jerome Powell is set to appear in Congress for semiannual testimony on Tuesday and Wednesday. Then comes the latest Consumer Price Index print, set for release on Thursday. Economists expect headline inflation rose 3.1% over the last year, which would match the lows where the CPI started the year. In corporates, Boeing (BA) pleaded guilty to a criminal conspiracy charge in relation to two fatal 737 Max crashes. Shares climbed less than 1%. Meanwhile Tesla stock (TSLA) erased early session losses to turn positive as the EV giant notched its ninth straight day of gains. The stock closed up 0.5%.