Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.9%) trades at its best level of the session.

Fed Chairman Powell began his two-day testimony to Congress today with an appearance before the House Financial Services Committee, but he did not offer any surprises in his early remarks. He repeated that the economy continues expanding at a solid pace, though the future path is uncertain. He also acknowledged that most policymakers feel that a rate cut will be appropriate later this year.

Separately, President Trump called on Congress to forego next week's planned recess if the reconciliation bill is not passed in the coming days.

Treasuries have rallied off their early lows with the 10-yr yield now down one basis point at 4.31%.