Goldman Sachs led financial stocks up 4.6%, with investors placing bets one step ahead of Waush’s testimony

S&P and the Nasdaq opened higher; the Nasdaq’s gain narrowed from before the open. Pre-market futures showed the Nasdaq had risen by more than 300 points and the S&P by more than 30 points. The Dow lagged but turned higher under the pull of financial stocks. JPMorgan rose 0.78%, Goldman Sachs gained 4.61%, Bank of America rose 1.26%, while Wells Fargo fell 1.81%. Federal Reserve official Kevin Warsh will testify on inflation at 10:00 a.m. ET, emphasizing determination to fight inflation and saying future decisions will rely on data. June CPI was released mildly, easing some pressure for rate hikes, but not enough to change the focus on inflation.