"S&P 500 Set to Reach New High as Powell Takes Center Stage in Today's Stock Market"

US stocks rose as the S&P 500 touched record highs, led by tech gains, while Federal Reserve Chair Jerome Powell's testimony continued to influence market sentiment. Powell expects "material and broad changes" to new banking regulation, while margin growth remains a bullish sign for stocks. Communication Services and Technology sectors led the market rally, and trending tickers included New York Community Bankcorp, Victoria's Secret, and Meta. Gold extended its rally as Powell reiterated likely rate cuts this year, and Nvidia stock touched new records. Additionally, New York Community Bancorp lost 7% of deposits, highlighting challenges, and Victoria's Secret faced a significant decline in sales guidance.