The Globe and Mail reports in its Wednesday edition that the S&P 500 and Nasdaq notched record-high closes on Tuesday, fuelled by gains in Nvidia after U.S. Federal Reserve chair Jerome Powell told lawmakers that more "good" economic data would strengthen the case for rate cuts. A Reuters dispatch to The Globe says that Canada's main stock index, however, closed modestly lower amid broad declines across sectors. It was the Nasdaq's sixth straight record-high close and the S&P 500's fifth straight as optimism about the growth of artificial intelligence across the U.S. corporate landscape offset uncertainty around the Fed's rate-cut path. In testimony before Congress, Mr. Powell said that while inflation "remains above" the 2-per-cent soft-landing target, it has been improving in recent months and "more good data would strengthen" the case for interest-rate cuts. Markets have stuck to pricing in 50 basis points of easing for the year. AI chip maker Nvidia climbed 2.5 per cent, offsetting declines in other chip stocks. The S&P/TSX Composite Index closed down 83 points at 22,042.5. The industrials, materials and consumer cyclicals led broad declines. Energy shares fell 1.5 per cent in tandem with oil prices.