Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%) and Nasdaq Composite (+0.6%) both trade above their record closing levels as the market enters the final half hour of trading. 

An early slide in NVIDIA (NVDA 180.64, -0.96, -0.53%) following the company's earnings report made for a bumpy morning in the stock market, but strong performances in other mega-cap names, encouraging economic data, and a lack of headwind headlines have the major averages plotting new session highs just before the close. 

Investor focus now turns to tomorrow's PCE report as expectations for a rate cut at the ever-closer September FOMC meeting have held steady throughout the week. 

In other Fed news, Bloomberg reports that Fed Governor Lisa Cook's lawyers suggest that a "clerical error" is behind the mortgage issues that prompted her firing by President Trump.