US stocks rallied on Tuesday as investors reacted positively to comments from Federal Reserve Chair Jerome Powell regarding recent economic data showing a "disinflationary path." The S&P 500 closed above 5,500 for the first time, with the Nasdaq also hitting a record high. The market rose after data on job openings showed resilience in the labor market. Powell expressed optimism about cooler inflation but stressed that more evidence is needed before considering interest rate cuts. Tesla's better-than-expected second quarter deliveries boosted its shares by 10%. However, concerns about a potential economic slowdown loom as Wall Street looks ahead to Q2 earnings season. Oil prices rose due to fears of disruptions from Hurricane Beryl and Middle East tensions. RBC Capital Markets raised its year-end S&P 500 target to 5,700. Overall, the market remains cautiously optimistic despite uncertainties.