04:27 PM EDT, 07/10/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite closed at new all-time highs Wednesday as Federal Reserve Chair Jerome Powell reiterated that price pressures were likely easing, while markets awaited consumer inflation data for June, scheduled for Thursday.

The technology-heavy Nasdaq jumped 1.2% to 18,647.5, while the S&P 500 rose 1% to 5,633.9. The Dow Jones Industrial Average advanced 1.1% to 39,721.4. Tech surged 1.6%, while materials gained 1.3%, as all sectors closed higher.

Powell said he has "some confidence" that inflation in the US is cooling, Bloomberg News reported, citing his testimony to the House Financial Services Committee.

"The question is: Are we sufficiently confident that it is moving sustainably down to 2%? And I'm not prepared to say that yet," he reportedly said.

Powell reiterated remarks submitted to the Senate Banking Committee Tuesday, that recent inflation data have shown "modest further progress," and that "more good data" would strengthen policymakers' confidence that inflation was returning to the 2% target.

The US 10-year yield fell 1.7 basis points to 4.28%, while the two-year rate dropped less than one basis point to 4.62%.

Government data are likely to show Thursday that the US consumer price index rose 0.1% sequentially and 3.1% annually last month, according to a Bloomberg-compiled consensus. Official producer prices data for June are scheduled to be released Friday.

Mortgage applications in the US edged down last week as a recent uptick in interest rates slowed demand, the Mortgage Bankers Association said Wednesday.

West Texas Intermediate crude oil increased 1.2% to $82.41 per barrel.

In company news, CarMax ( KMX ) shares rose more than 6%, the second-top gainer on the S&P 500. Oppenheimer said in a note to clients that used car prices in the US seem to be moderating, a development that likely bodes well for leading retailers within the sector, especially CarMax ( KMX ). Carvana ( CVNA ) closed 4.2% higher.

Intuit (INTU) saw one of the steepest declines on the S&P 500 and the Nasdaq, down 2.6%, after the financial technology company announced plans to lay off 1,800 employees and close two locations as part of a restructuring plan that will enable it to increase investments in artificial intelligence.

Gold increased 0.5% to $2,378.60 per troy ounce, while silver added almost 0.2% to $31.11 per ounce.