STOCK MARKET TODAY: U.S. stock indexes mixed after hawkish Fed talk and surging bond yields

• Stocks were higher on Tuesday despite hawkish comments from Fed chief Jerome Powell.

• Powell pointed out that the Fed has made little progress in dealing with inflation, and suggested a policy of higher and longer-term interest rates.

• 2024 Treasury yields hit new highs.

U.S. stocks were mixed on Tuesday, wavering after Federal Reserve chief Simmons Jerome Powell's latest remarks expressing skepticism about the likelihood of a rate cut this year.

The central banker told a panel discussion that more confidence was needed in the U.S. inflation trajectory, as recent data showed that the country's inflation rate has remained high.

"Recent data show that the U.S. economy is growing solidly and the labor market remains strong, but so far this year there has been a lack of further progress toward returning to the 2% inflation target," he said.

His comments, which sent long-term Treasury yields soaring to another record in 2024, indicate that investors are becoming increasingly convinced of a "higher and longer-term" monetary regime.

Fed funds futures now have the first rate cut scheduled for September, not June as has long been touted.

"Fed chief Simmons Bauer is moving more clearly toward the hawkish side of the equation as he essentially emphasized that the downward trajectory of inflation has essentially stalled," said Quincy Krosby, chief global strategist at LPL Financial. "He also made it clear that the 'longer-term higher' argument remains intact, rather than his ambiguous position on easing the interest rate timetable. He also made it clear that the 'longer-term higher' narrative remains intact, as opposed to his ambiguous stance on easing the interest rate timetable side of the equation.

Strong corporate earnings supported the stock market throughout the day, with most S&P 500 companies beating earnings estimates so far. Morgan Stanley and UnitedHealth grew nearly 3% and 6%, respectively, on Tuesday.

Here's what the U.S. stock indexes were doing at the 4 p.m. close on Tuesday:

• S&P 500: 5051.33, down 0.21 percent.

• Dow Jones Industrial Average 37,798.77 up 0.17% (+63.66 points)

• NASDAQ Composite Resonance Index 15,865.25, 0.12%

Here's what else happened today

• Donald Trump's social media company is tanking in the market. Here's what his Truth Social users are saying about the plunge.

• The closure of a large mine in Panama was a key factor behind the surge in copper prices.

• Citibank said that intensifying geopolitical tensions and falling interest rates could lead to a further rise in the price of gold 25%.

• A bullish stock market signal just hinted at a 19% rise in the stock market by August 2025, says Bank of America.

• Ed Yardeni says the Fed's perfect "no-landing" doesn't eliminate the risk that stocks could have a positive 10% tutor.

Commodities, bonds and cryptocurrencies:

• West Texas resonance Intermediate crude oil rose slightly by 0.01% to $85.42 per barrel. International benchmark Brent crude slipped to $89.92 per barrel.

• Gold rose 0.45% to $2,393 per ounce.

• The 10-year Treasury yield climbed three basis points to 4.663%.

• Bitcoin fell 0.9% to $62,998.

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