Stock market today: S&P 500, Nasdaq nudge higher as Miran confirmed at Fed

Market Overview - US stocks experienced a slight increase, with the S&P 500 rising less than 0.1% and the Nasdaq Composite increasing around 0.2%, while the Dow Jones Industrial Average fell more than 0.1% [1] - The Senate confirmed Stephen Miran as a Federal Reserve board governor, which is expected to influence interest rate decisions [2] Federal Reserve and Interest Rates - Stephen Miran's confirmation came just before a crucial Federal Reserve policy meeting, where he is expected to play a significant role in interest rate decisions [2] - There is a strong market expectation for a 25 basis-point rate cut, with a 96% probability, due to a slowdown in the labor market despite high inflation [5] Economic Indicators - Recent retail sales figures indicate that consumers are maintaining spending levels despite ongoing inflation and a challenging labor market [4] - Anticipation of a rate cut and ongoing US-China trade discussions have contributed to positive market sentiment [3][5] Company-Specific Developments - Tesla's stock rose by 2% after CEO Elon Musk purchased shares for the first time since 2020, helping the company recover its year-to-date losses [4]