Stock market live updates: S&P higher, best quarter since 1998, Powell & Mnuchin testifying

New York Stock Exchange (NYSE) building is seen with the Fearless Girl Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.
Tayfun Coskun | Anadolu Agency | Getty Images
Stocks moved between gains and losses on Tuesday as a growing number of Covid-19 cases weighed on sentiment. But the major averages are still on pace to finish the quarter sharply higher. The Dow and S&P are on track to post their largest quarterly gains since 1998, while the Nasdaq is tracking for its best quarter since 2001.
This is a live blog. Please check back for updates.
1:30 pm: Mnuchin says economy is in a strong position to recover from coronavirus Treasury Secretary Mnuchin said in his opening remarks to the House Financial Services Committee that the U.S. economy is in a strong position to recover thanks to steps taken by Congress and the White House.
"We are in a strong position to recover because the administration work[ed] with Congress on a bipartisan basis to pass legislation and provide liquidity to markets in record time. In addition, the PPP is keeping tens of millions of workers connected to their jobs. Economic impact payments are also helping millions of families and workers though these challenging months." — Franck
1:27 pm: Large banks move higher, except for Wells Fargo Bank stocks bounced around on Tuesday, but most were solidly higher in afternoon trading. JPMorgan, Morgan Stanley, Citigroup and Bank of America all posted gains of less than 1% after trading in negative territory earlier in the session. Wells Fargo, which announced that it is likely to cut its dividend, was down 0.7% despite https://maps.google.com/url?q=http://www.allfinancetimes.com/ https://ditu.google.cn/url?q=http://www.allfinancetimes.com/ https://maps.google.ca/url?q=http://www.allfinancetimes.com/ https://images.google.com.do/url?q=http://www.allfinancetimes.com/ https://www.google.com.tw/url?q=http://www.allfinancetimes.com/ https://maps.google.com.kw/url?q=http://www.allfinancetimes.com/ https://maps.google.co.in/url?q=http://www.allfinancetimes.com/ https://images.google.hr/url?q=http://www.allfinancetimes.com/ https://maps.google.co.ck/url?q=http://www.allfinancetimes.com/ https://images.google.no/url?q=http://www.allfinancetimes.com/ https://images.google.es/url?q=http://www.allfinancetimes.com/ https://images.google.com.hk/url?q=http://www.allfinancetimes.com/ https://maps.google.cm/url?q=http://www.allfinancetimes.com/ https://maps.google.ga/url?q=http://www.allfinancetimes.com/ 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"We do support additional legislation and we look forward to working with the House and Senate on that," he said during a hearing before the House Financial Services Committee. While he did not have specifics, he said the effort would be focused on "re-purposing" $135 billion that remains available under the Paycheck Protection Program for businesses still in need. The PPP has doled out $519.6 billion in 4.8 million loans and expires Tuesday. – Cox 12:45 pm: Powell, Mnuchin testify Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin began testimony before the House Financial Services Committee around 12:45 pm ET regarding each agency's response to the Covid-19 pandemic. Watch the testimony here, and we'll be posting highlights here in the blog. - Stevens 12:14 pm: Tesla jumps after Elon Musk email to employees leaks Shares of Tesla jumped more than 7% on Tuesday, the morning after CEO Elon Musk sent an email to employees saying "Breaking even is looking super tight" for Q2. The e-mail, obtained by CNBC, did not make clear whether his break even comments were in reference to the company's profit margin or another metric such as vehicle production numbers relative to estimates. Tesla is expected to report its second quarter vehicle production and deliveries numbers this week, before the 4th of July weekend. Shares of the electric vehicle maker have more than doubled this year, surging 158%. – Kolodny, Stevens 11:29 am: Nevada gaming revenue down 99% in May from prior year The Nevada Gaming Control Board said in a press release that gaming revenue was down 99.4% statewide in May, including a 99.3% decline in the Las Vegas Strip district. Revenue is down more than 19% year to date for both the district and the state. Shares of major casino stocks, including MGM Resorts and Las Vegas Sands, were mixed on Tuesday. —Pound 11:06 am: Chip stocks just had their best quarter since the tech bubble Shares of chipmakers have rebounded sharply from their first-quarter lows, and they're on track for their best quarterly performance since the tech bubble. The VanEck Vectors Semiconductor ETF, which tracks the 25 biggest chipmakers, is up almost 30% in the second quarter, marking its best quarter since the fourth quarter of 2001 when the exchange-traded fund gained 41%. The top performers this quarter include ON Semiconductor, Teradyne and Marvell, which have all gained more than 50% during the past three months. CNBC PRO subscribers can read more here. - Li 10:12 am: Boeing shares slide after Norwegian Air cancellation 9:57 am: Inovio hasn't provided critical data on its results, Stat says Inovio Pharmaceuticals has not provided data needed to determine whether its vaccine is working, Stat, a medical news website reported Tuesday. The company put out a press release Tuesday morning claiming positive results in an early clinical trial, but it did not disclose how many patients produced antibodies that fight the coronavirus, the Stat report said. Inovio also said its vaccine candidate has been selected to participate in study as part of the government's Operation Warp Speed, aimed at fast-tracking development of vaccines. Inovio stock is up nearly 800% year to date. 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http://ssomgmt.ascd.org/profile/createsso/createsso.aspx?returnurl=https://www.allfinancetimes.com/ 9:30 am: Stocks open last trading day of the quarter in the red Stocks moved lower on Tuesday, the last trading day of the month, the quarter, and the first half of 2020. The Dow Jones Industrial Average shed 87 points, for a loss of 0.3%. The S&P 500 was down 0.10%, while the Nasdaq Composite slid 0.06%. Still, the record rebound from March's low has the major averages on track for their best quarter in years. The Dow and S&P are on pace to post their largest quarterly gains since 1998, while the Nasdaq is on track for its best quarter since 2001. – Stevens 9:25 am: Investors must stay 'cautious and selective,' says portfolio manager Katerina Simonetti, senior portfolio manager at UBS Private Wealth Management, said that with the number of Covid-19 cases rising, there's considerable uncertainty in the market and investors therefore need to be "cautious and selective" going forward. She believes volatility will persist for several months, and that risk-averse investors should consider diversifying their portfolios by adding gold. "We see opportunities in companies that enable and benefit from digital transformation, e-commerce, fintech, genetic therapies and food. Companies in factory automation and robotics are also set to benefit, as industrial firms are planning to shorten global supply chains," she said. UBS' base case forecast sees the S&P 500 trading around 3,300 by December. – Stevens 9:07 am: Inovio shares slip despite promising drug trial results