Stock market today: Indexes hover near records ahead of Fed Chair Powell's testimony

• Stock indexes are hovering near record highs ahead of the testimony of Fed Chair Jerome Powell.
• Later this week, CPI inflation data will also help determine where interest rates are headed.

US stocks hovered near record territory on Tuesday after the S&P 500 and Nasdaq 100 closed at all-time highs the prior session. Bond yields rose.

The market's next move could be determined by Federal Reserve Chair Jerome Powell, who is scheduled to testify in front of the Senate Banking Committee on Tuesday.

Investors will be tuning in to decipher where interest rates may be headed. The market has kept fingers crossed for a cutting cycle to start sooner than later, and any dovish indication from Powell would likely be welcomed by investors.

During his last comments, the central bank head noted that more evidence of disinflation is necessary, though he noted that progress has been made amid signs of moderating price growth.

Both markets and Powell will get a closer look on inflation's path come Thursday, when June's consumer price index report is scheduled for release. Economists forecast a 3.1% year-over-year gain.

Fed officials Michael Barr and Michelle Bowman are also set to speak on Tuesday.

Meanwhile, the stock market has continued to strike new highs with help from its tech sector, with Nvidia rising 2% on Monday. Investors are gearing up for the second quarter's earnings season to start.

Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 5,582.79, up 0.2%
• Dow Jones Industrial Average: 5,582.69, down 0.1% (49 points)
• Nasdaq composite: 18,465.66, up 0.4%

Here's what else happened today:

• Nvidia will jump 16% gains amid "exceedingly robust" demand for its new chip, UBS says.
• Three reasons the stock market melt up has more room to run, according to Ed Yardeni.
• Morgan Stanley's Mike Wilson said a 10% stock market correction between now and the November election is highly likely.
• The Fed's failure to cut rates in September risks a recession and stock fallout, Wharton's Jeremy Siegel says.
• Companies bankruptcies have hit the fastest pace in years, S&P Global reports.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil slid o.28% to $81.96 a barrel. Brent crude, the international benchmark, was lower by 0.3% to $85.26 a barrel.
• Gold edged higher by 0.15% to $2,358 per ounce.
• The 10-year Treasury yield rose two basis points to 4.29%.
• Bitcoin rose 1.1% to $57,435.