S&P 500 Scrapes in it’s 35th Record Close This Year – US Market Wrap

Stocks closed at all-time highs in a cautious session as traders prepared for Jerome Powell’s testimony before US lawmakers and the start of earnings season.

With a 0.1% increase, the S&P 500 set its 35th record this year. Some of America’s largest banks will unofficially kick off the second-quarter reporting season on Friday, with high growth expectations. Analysts have upgraded profit estimates more than they have downgraded them. At the same time, estimates for 12-month forward earnings are at an all-time high.

The S&P 500 surpassed 5,570. Nvidia rose after UBS Group raised its target. More than 2,600 Boeing 737 aircraft registered in the United States will need to have their oxygen generators inspected. United Airlines Holdings Inc. reported that another of its Boeing aircraft lost a main landing gear wheel while taking off. Broadcom is borrowing $5 billion from the investment-grade market.

Shorter-term Treasuries performed worse than longer-term bonds. Bitcoin fell on concerns about potential token sales by creditors of the failed Mt. Gox exchange.

The lack of a clear winner in the French elections has fueled speculation that major policy changes will be difficult to implement in the current political climate. Meanwhile, US President Joe Biden promised fellow Democrats that he will remain in the presidential race.