CNBC Daily Open: Fed's Powell says high rates could hurt growth

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Inching to records
The S&P 500 and the Nasdaq Composite inched their way to intraday and record closes as Federal Reserve Chair Jerome Powell warned of the dangers of keeping interest rates high. Nvidia rose 2.48% after KeyBanc raised its price target for the AI chipmaker. Apple climbed to a record close for the sixth consecutive day. The Dow Jones Industrial Average lost 52 points. The yield on the 10-year Treasury note rose even as Powell said progress had been made on inflation. Oil prices fell for the third straight day.

Growth in jeopardy 
Powell warned that keeping interest rates high for too long could harm economic growth. Despite recent cooling, he noted that the economy and labor market remain strong. Powell highlighted progress in reducing inflation towards the central bank's 2% target. "At the same time, in light of the progress made both in lowering inflation and in cooling the labor market over the past two years, elevated inflation is not the only risk we face," Powell said in prepared remarks. "Reducing policy restraint too late or too little could unduly weaken economic activity and employment."

Ukraine aid
President Joe Biden announced new commitments to enhance Ukraine's air defense against Russia during a speech commemorating NATO's 75th anniversary. "Putin wants nothing less — nothing less — than Ukraine's total subjugation, to end Ukraine's democracy," Biden said. "We know Putin won't stop at Ukraine. But make no mistake: Ukraine can and will stop Putin, especially with our