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Much ado about nothing. Stocks drifted slightly higher, even achieving records, on a day with very little to contemplate. With earnings season looming, traders once again took the path of least resistance.

Ain't No Stopping Us Now! Stocks rallied to new highs on Friday, once again, as investors remain convinced that lower rates are a sure thing. Traders largely ignored inflation figures choosing instead the path of least resistance for stocks… up.

Every which way. Equities posted a mixed close with the Dow and S&P 500 reaching new records, despite a surprise jump in inflation. The markets spent the day responding to a trove of information from tweets to speeches to economic releases.

So much for small talk. Stocks rallied yesterday as Fed Chief Jerome Powell gave the nod on rate cuts. Powell’s testimony on Capital Hill hinted strongly that a rate cut is coming.

Act I. Stocks posted a mixed close yesterday as investors awaited today’s flood of Fed information. It was all about the Fed and easing monetary policy with investors queuing up to see the two-day show that starts today on Capital Hill.

The running of the bulls. Stocks slid for a second straight day as investors began to fear that a rate cut may not come later this month. Similar to the bulls in Pamplona, Spain, Wall Street bulls are not sure which way to run in the wake of last Friday’s blowout jobs number.