Dow Jones: Record High Powered by Banks and Energy, Powell’s Guidance Awaited

Wall Street Mixed as Traders Await Powell’s Guidance on Rates

U.S. stocks traded mixed on Tuesday morning as investors paused after a strong tech-driven run and turned their attention to Federal Reserve Chair Jerome Powell, who is set to provide key remarks on the economy. The market remains highly sensitive to Fed communication after last week’s rate cut boosted equities and fueled speculation of further easing.

How are indexes performing in early trade?

At 14:53 GMT, the Dow Jones Industrial Average gained 236 points, or 0.51%, to 46,618. The S&P 500 slipped 3 points, or 0.05%, to 6,690, while the Nasdaq Composite lost 74 points, or 0.33%, to 22,714. The S&P 500 still touched an intraday all-time high, supported by strength in financials and energy.

Which sectors are leading and lagging?

Financial stocks climbed 0.9% with the sector hitting record levels, while energy surged 2.3% as oil-related names advanced. Conversely, technology weakened, with the S&P 500 tech index down 0.5%. Losses in Nvidia, down 2.2% after touching a record in the prior session, and Amazon, down 2.3%, dragged on the Nasdaq.

What corporate stories are driving individual names?

Boeing rose 3.4% after securing an $8 billion order from Uzbekistan Airways, with reports also pointing to ongoing talks with China. Goldman Sachs and JPMorgan added support to the Dow, lifting it to an intraday record.

On the healthcare side, Kenvue recovered 3.9% after Monday’s steep selloff tied to political remarks from the Trump administration linking Tylenol use to health risks.

What economic data and Fed commentary matter most?

S&P Global’s flash manufacturing PMI fell to 52 in September from 53 in August, pointing to softer factory activity. Chicago Fed President Austan Goolsbee noted that easing inflation gives the central bank “some space” for rate cuts, though traders remain wary of a potential hawkish tone from Powell. Futures markets continue to price in two additional cuts this year, but strategists caution that could change quickly if Powell signals caution.

Market outlook

Wall Street’s resilience in September, often a weak month for equities, has been underpinned by tech momentum and optimism around artificial intelligence. Yet valuations remain stretched, leaving traders focused on earnings season and Fed policy signals.

If Powell confirms scope for more easing while economic growth holds, history suggests the S&P 500 could extend gains—previous cycles of Fed cuts alongside growth delivered median 12-month returns of 15%.

For now, traders are positioning around Powell’s comments, with financials and energy providing ballast against tech weakness.

More Information in our Economic Calendar.