01:02 PM EDT, 07/08/2024 (MT Newswires) -- The Nasdaq was trading midday Monday above the record closing high it set on Friday as investors awaited Federal Reserve Chair Jerome Powell's congressional testimony and the inflation report later this week.

The Nasdaq was up 0.1% to 18,371.46, while the S&P 500 was marginally higher than its record closing high at 5,567.52 and the Dow Jones Industrial Average was down 0.1% to 39,334.37.

Communication services and energy posted the biggest declines among sectors, while technology and utilities led the gainers.

Powell will address the Senate on Tuesday and the House on Wednesday. The consumer price index is set to be released on Thursday.

In company news, Boeing ( BA ) and the US government reached an agreement in principle over their planned plea deal that would close the investigation into two fatal 737 MAX crashes, according to a Sunday court filing from the US government. Boeing ( BA ) confirmed to MT Newswires that an agreement was reached in principle. Shares of Boeing ( BA ) were down 0.1% in recent Monday trading.

Eli Lilly ( LLY ) has agreed to acquire biopharmaceutical company Morphic Holding ( MORF ) for about $3.2 billion in cash. Shares of Eli Lilly ( LLY ) were up 0.4% while shares of Morphic ( MORF ) soared 75%.

The US 10-year Treasury yield was up 0.7 basis point to 4.279%. The two-year rate rose 2.5 basis points to 4.622%.

The US Dollar Index was up 0.1% to 104.94.

West Texas Intermediate crude fell 1% to $82.34 per barrel.

Gold slid 1.4% to $2,363.40 an ounce and silver fell 2.4% to $30.915 an ounce.