 And the Nasdaq jumped about 0.7. Trading volume is likely to be muted this week. The New York Stock Exchange closes early at 1 p.m. today and will be shut tomorrow for Independence Day. Federal Reserve Chairman Jerome Powell said yesterday he was pleased with how inflation has resumed a downtrend following a rebound at the start of the year, a sign the central bank might be able to lower interest rates by the end of the summer, even though he declined to endorse such a move.