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Nasdaq 100 Hits Record as Yields Fall on Powell: Markets Wrap

Powell Says Fed Doesn't Need to Rush to Cut Rates

Wall Street bulls drove stocks higher amid easing Middle East tensions and balanced comments from Federal Reserve Chair Jerome Powell on prospects for rate cuts. Treasury yields and the dollar fell. Oil tumbled.

The S&P 500 rose 1.1% and the Nasdaq 100 climbed 1.5%, notching its first record since February. West Texas Intermediate crude plunged nearly 15% over two sessions to settle around $64 a barrel. In late hours, FedEx Corp. forecast a worse-than-expected profit. Money markets fully priced in two Fed cuts by the end of 2025, with a first move in September far more likely than next month — though bets on a July reduction edged up from last week.