The S&P 500 (SPX) after being in the red all day, rallied near the close and finished up 0.12%. Tomorrow is a significant day because Fed Chairman Jerome Powell is giving his testimony before Congress regarding monetary policy and the Fed minutes release. Powell should provide some clarity on the intentions of the Fed going forwards, but it is unlikely he will provide insight as to when or how long. Currently there is a 100% chance of a 25 basis point cut being priced in for July.

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