Traders work on the floor of the New York Stock Exchange on Feb. 4, 2025.
NYSE
The S&P 500 posted a narrow gain on Tuesday as investors digested cautious commentary from Federal Reserve Chair Jerome Powell on interest rates. Concerns remain over the direction of the economy amid U.S. tariffs and the possible escalation of a global trade war.
The S&P 500 added 0.03% to end at 6,068.50, while the Nasdaq Composite lost 0.36% to close at 19,643.86. The Dow Jones Industrial Average gained 123.24 points, or 0.28%, to 44,593.65.
Apple gained 2.2% after The Information reported that the company is partnering with Alibaba to develop artificial intelligence features for iPhone users in China, curbing the market’s losses.
Powell earlier addressed the Senate Banking Committee and signaled the Fed does not need to move quickly to ease monetary policy.
“With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” Powell said in his first of two appearances this week on Capitol Hill. The central bank leader called the economy “strong overall” with a “solid” labor market, and said inflation is easing but remains above the Fed’s 2% goal.
Powell’s testimony — which will be followed by his appearance before the House Financial Services Committee on Wednesday — comes at a volatile time in Washington with President Donald Trump favoring tariffs against U.S. trading partners and with
