Federal Reserve Chair Jerome Powell continues his second day of testimonies before the Senate, informing US lawmakers on Capitol Hill about the state of the economy and how Fed officials are approaching the likelihood of cutting interest rates. Meanwhile, Tesla has seen a boost in stock gains, notching its tenth straight day of gains. The Morning Brief reports on the biggest stock market movers and top economic data, including the S&P 500 closing at a new record high for the 36th time this year. Analysts are raising their year-end target for the S&P 500 even higher to 5,900. BMO Wealth Management US Chief Investment Officer Yung-Yu Ma believes economic conditions may be healthy for risk-taking if the Fed opts to start a rate-cutting cycle. Additionally, fast-casual chain Cava has seen substantial gains in 2024 and plans to continue its growth trajectory. Other trending tickers include Chinese tech and EV manufacturer Baidu, Carvana, Volkswagen, and Chipotle Mexican Grill. Chipotle's CFO Jack Hartung has announced plans to retire at the end of the year. Stay tuned for more updates on the market and the latest developments in the financial world.