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Updated: July 11, 2019

Stocks could hit new record highs Thursday

Stocks are set to climb to new record highs on Thursday after Federal Reserve Chairman Jerome Powell shored up hopes of an interest rate cut later this month.

Futures are pointing at a higher open, with those for the Dow are up 0.3%, while those for the S&P 500 and the Nasdaq Composite are up 0.2%.

The Nasdaq closed at a new all-time high of 8,203 points on Wednesday, surpassing a record from last week.

The S&P 500 is on track to climb to a fresh all-time higher on Thursday, having ended just some three points below the record it set on July 3.

The Dow could also hit a new all-time high, after it closed 0.4% below last week's record on Wednesday.

Powell, speaking before the Financial Services Committee on Wednesday, cited uncertainties about trade and the global economy as threats to US economic growth. The market read his comments to mean that an interest rate cut could come at the next central bank meeting on July 31.

Powell also noted that inflation continued to be below target in the United States. In line with this, investors will also keep an eye on the consumer price inflation number for June, which will be reported at 8:30 am ET. Consensus expectations are that inflation slipped to 1.6% year-over-year, versus 1.8% before, according to Refinitiv.

Jobless claims for the week ended July 6 are also due at 8:30 am ET.

At 10 am ET, Powell will appear before the Senate Banking Committee, where his two-day bi-annual testimony will conclude.

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