Nasdaq, S&P 500 set to open higher ahead of Powell testimony
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S&P 500 notches 35th record closing high this year
Powell to speak at 10 a.m. ET
Lilly up after data shows its Mounjaro more efficient than Wegovy
Futures: Dow down 0.01%, S&P 500 up 0.15%, Nasdaq up 0.26%
Updated at 8:43 a.m. ET/1243 GMT
By Lisa Pauline Mattackal and Ankika Biswas
July 9 (Reuters) - Wall Street was set to open higher onTuesday, supported by new gains in semiconductor andmegacap technology stocks,as investors awaited comments fromFederal Reserve chair Jerome Powell for clues on the central bank's monetarypolicy path.
The S&P 500 .SPX and the Nasdaq .IXIC looked on track to set fresh intraday records after both indexes edged upto close at record highs on Monday, lifted by gains in chip stocks and as the Philadelphia semiconductor index .SOX rose to a more than two-week high.
Intel INTC.O shares leapt 2.6% in premarket trading, while AI-chip favorite Nvidia NVDA.O and Marvell Technology MRVL.O gained 1.6% and 0.6%, respectively.
Monday markedthe 35th time this year the S&P 500 hasset a fresh closing record, as sharp gains in AI-linked and other tech shares have kept equity sentiment bright, offsetting the uncertainty around the Fed'srate-cut plans.
Investors will scrutinize Powell'sCongressional testimony later in the day to gauge the central bank's response torecent economic data pointingto a slowdown in the labor market, amid other signs of potential economic weakness.
The testimony, followed by questions from lawmakers, is scheduled to start at 10 a.m. ET. Powell will also testify at a House committee hearing on Wednesday.
"The ability for Powell to change the thinking of the market has been proved over the last six months as the market shifted from six rate cuts to one, and after the weaker data in the last two weeks, back to two," said Bob Savage, head of markets strategy and insights at BNY Mellon.
The last set of economicprojections from the central bank's policymakers showed anexpectation of just one rate cut this year. But markets have stuck to pricing in 50 basis points of easing, seeing a nearly 74% chance for a 25 bps cut at the Fed's September meeting, according to CME's FedWatch.
Those bets were at under50% a month ago.
Meanwhile, rate-sensitive megacap stocks Apple AAPL.O, MicrosoftMSFT.O, Amazon.com AMZN.O, Alphabet GOOGL.O and Meta Platforms META.O were up between 0.1%and 0.4%.
"The market is continuing on a bull run and, with the prospects of rate cuts, I believe may continue for a while," said WisdomTree senior economist Jeremy Siegel.
Crucial inflation data is also due this week, including Thursday'sconsumer price index and the producerprice index reading on Friday.
Investors are also awaitingthe start of the second-quarter corporate earnings season this week. PepsiCo PEP.O edged 0.2% higher ahead of its results on Thursday.
Analysts, on average, see S&P 500 companies increasing their aggregate earnings per share by 10.1% in the second quarter, up from an 8.2% increase in the first quarter, according to LSEG I/B/E/S data.
At 8:43 a.m. ET, Dow e-minis 1YMcv1 were down 4 points, or 0.01%, S&P 500 e-minis EScv1 were up 8.5 points, or 0.15%, and Nasdaq 100 e-minis NQcv1 were up 53 points, or 0.26%.
Among single movers, Tempus AI TEM.O jumped 3.2%after multiple brokerages including J.P.Morgan and Morgan Stanley initiated coverage of the stock with bullish ratings.
Eli Lilly <LLY.N>gained 1.4% aftera data analysis report published on Monday showed its treatment Mounjaro leads to faster and greater weight loss than Novo Nordisk's obesity drug, Wegovy.
Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Pooja Desai
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