The S&P 500 closed near the flatline on Wednesday as investors weighed whether the index could reclaim its all-time high.
The benchmark index ended the session little changed, while the Nasdaq Composite rose 0.31%.
The Dow Jones Industrial Average declined 106.59 points, or 0.25%.
Tech stocks continued to drive gains, with Nvidia rising 4% after hitting a new 52-week high.
The chip giant’s market value now stands at approximately $3.76 trillion, edging out Microsoft and placing Apple in third with a market cap near $3 trillion.
Alphabet and AMD added 2% and 3%, respectively.
On the downside, Tesla shares fell 3.8% amid reports of declining sales in Europe. The TSLA stock is now down around 14% on a year-to-date basis.
Flagstar, a New York regional bank, dropped around 4% following the apparent primary victory of Zohran Mamdani in the New York City Democratic mayoral race.
The S&P 500 remained within 1% of its intraday record of 6,147.43, set on February 19, and also near its record closing high of 6,144.15.
The Nasdaq was trading 1.3% below its all-time peak reached in December.
For the week, the S&P 500 is up more than 2%, supported by easing geopolitical tensions after Iran’s muted response to US airstrikes and the subsequent ceasefire announced by President Donald Trump.
The truce, while fragile—both Iran and Israel accused each other of violations shortly after it began—has helped calm investor nerves over potential disruptions to global oil supply.
Wall Street’s advance toward record levels has also been supported by easing trade tensions and expectations of looser monetary policy.
BMO Capital Markets’ Brian Belski raised his year-end target for the S&P 500 to 6,700 from 6,100.
Powell stays firm on “wait and watch approach”
Federal Reserve Chair Jerome Powell, during his second day of testimony on Capitol Hill, maintained a cautious stance on the potential inflationary impact of tariffs, stating that there would be room for rate cuts if the effects prove to be temporary.
“It’s a risk. We feel like, as the people who are supposed to keep stable prices for the benefit of the American people, we can manage that risk too,” Powell said before the Senate Banking Committee.
“That’s all we’re doing. We’re not deciding what to do yet.”
As in his earlier testimony to the House Financial Services Committee on Tuesday, Powell declined to offer a timeline for potential rate cuts, despite growing pressure from President Donald Trump to lower borrowing costs.
Speaking to reporters earlier in the day, Trump referred to Powell as “terrible” and said he has “three or four” candidates in mind as possible replacements.
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