London (CNN Business) 1. More Powell: Federal Reserve chair Jerome Powell has hinted at an interest rate cut later this month, sending stocks to record highs.

Powell appeared to make the case for a cut in remarks to Congress on Wednesday. In his semi-annual testimony, he cited anxiety around unresolved trade tensions and worries over the weakness of the global outlook, while noting that inflation continues to run below the Fed's target.

A strong jobs report for June hasn't changed the outlook, he added.

"Since the June [Fed] meeting and for a period before that, the data have continued to disappoint," he said.

Investors read that as a sure sign that the Fed will ease interest rates at its July meeting, though questions remain on the magnitude of a potential move. The Dow, Nasdaq and S&P 500 all hit intraday highs on Wednesday.