(Bloomberg) — U.S. stocks are set to scale yet another all-time high Tuesday as investors await Federal Reserve Chair Jerome Powell’s testimony to Congress for clues on the U.S. interest-rate outlook.
Futures on the S&P 500 gained after the benchmark set its 35th record for the year, with the second-quarter reporting season about to get underway. Contracts on the rate-sensitive Nasdaq 100 were also higher before Powell’s address.
Investors will be keying into any hints from the Fed chair about how soon policymakers will be in a position to cut interest rates. A long-awaited pivot to easier policy would provide investors sitting on a record US$6 trillion of money-market with an incentive to buy bonds and other assets.
“Until they see the Fed truly cutting, there is a level of show-me,” said Anders Persson, chief investment…
