The Dow Jones Industrial Average opened higher but closed lower for a 10th consecutive trading session, and the S&P 500 and the Nasdaq Composite gave up early gains, too, as markets processed what could be the Federal Reserve's last rate cut for the discountable future. Nvidia's recent downtrend continued too, and the 10-year U.S. Treasury yield is still heading higher.
It wasn't the 25 basis points that had investors and traders itching for Wednesday – it was the wording of the FOMC statement, the look of the dot-plot and Fed Chair Jerome Powell's press conference. Based on two of those three pieces, the Dow, the S&P and the Nasdaq turned sharply lower.
