S&P 500 nears record, Powell testimony, Nvidia meeting: 3 Things
The S&P 500 (^GSPC) is within striking distance of an all-time high.
Federal Reserve Chairman Jerome Powell will be returning to Capitol Hill to testify before the Senate Banking Committee.
One stock in focus is Nvidia (NVDA), which holds its annual shareholder meeting today.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
Welcome to Yahoo Finance's flagship show, The Morning Brief from Brad Smith. Let's get to the three things that you need to know today. First up, US stock futures little changed today as the S&P 500 trades just within points of its all-time high. Meanwhile, tech stocks are leading the charge as the Nasdaq 100 closes out at a fresh record. But the higher stocks go, the louder the concern that multiples are starting to look frothy becomes. The S&P 500 is currently trading at 22 times expected profits in the next 12 months. That's 35% above its long-term average, according to data compiled by Bloomberg. Plus, traders are awaiting a second day of testimony from Federal Reserve chair, Jerome Powell. The head of the Fed traded softly when he appeared before Congress on Tuesday, indicating the central bank is monitoring data before making any adjustments to its policy. Investors will be closely watching for any signs on the central bank's rate path ahead of its July meeting. And Nvidia's annual general meeting kicking off today. Shareholders will vote to re-elect the company's board at the event and will be watching an advisory vote on executive compensation. But no major fireworks are expected there. The meeting comes at a time when some on Wall Street are calling for the company to reach a $6 trillion valuation. That is the anticipation knocking around this morning. And analysts at Loop Capital note that Nvidia is at the front end of the next golden wave of Gen AI adoption and expect a material leg of stronger than anticipated demand.
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