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The waiting game on rate cuts continues.

Federal Reserve Chair Jerome Powell said Tuesday that inflation had resumed its downward shift but declined to say whether he was setting the table for a September rate cut. New labor-market data, meanwhile, showed job openings rebounded in May after hitting a three-year low in April.

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Trending stocks, Nasdaq

In recent trading:

Stock indexes gained. The Nasdaq and S&P 500 were higher, with both indexes on track for new closing records. The Dow industrials rose more modestly.

The 10-year Treasury yield inched down, after jumping Monday to settle at 4.478%.

Oil traded at its highest price since April amid concerns that Hurricane Beryl, which strengthened to a Category 5 storm, could usher in a damaging hurricane season.

In Asia, Japan’s Nikkei 225 rose and was 2% off its record close. The index has climbed for nine of the last 11 sessions.

Stocks turned higher in afternoon trading, after wavering for much of the morning.

Tesla (TSLA): The electric-vehicle maker’s shares rose roughly 9% after the company’s second-quarter vehicle deliveries, a proxy for sales, fell by less than expected. Shares of smaller EV company Rivian (RIVN) also rallied.

Chewy (CHWY): The pet-product retailer’s fell nearly 2.5% in early trading. On Monday, the stock gyrated, ending the day down 6.6%, after meme-stock maven Keith Gill disclosed a stake in the company.

Nvidia (Nvda): Shares fell nearly 2%, raising the possibility of renewed declines for the AI chip maker.

R1 RCM (RCM): Shares in the revenue-cycle-management company slid roughly 14% after its two biggest shareholders failed to reach an agreement on a joint buyout bid.

Eurofins Scientific (FR:ERF): Shares of the lab-testing business fell more than 3% in Europe, extending a streak of declines that started after Carson Block’s hedge-fund firm, Muddy Waters, unveiled a short position in the company last week.