The US stock market surged to new all-time highs as Federal Reserve Chairman Jerome Powell's comments raised hopes for interest rate cuts and Big Tech stocks led the charge. The S&P 500 hit a record close for the 37th time this year, reaching over 5,600 points. The Dow Jones Industrial Average and Nasdaq Composite also saw significant gains. Major tech companies like Nvidia, Apple, Microsoft, and Google drove the market higher. Investors bet on lower interest rates amid signs of a slowing economy, with Powell signaling a potential rate cut in the near future. However, the upcoming consumer inflation report will be a crucial indicator for the Fed's policy movement. A favorable report could solidify expectations of a rate cut in September, while a disappointing one may raise concerns about a recession. Overall, market optimism was high as investors eagerly awaited further developments in monetary policy and economic indicators.