The S&P 500 Index ($SPX) (SPY) Wednesday closed down -0.03%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.10%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed unchanged. June E-mini S&P futures (ESM25) are unchanged, and June E-mini Nasdaq futures (NQM25) are down -0.02%.
Stock indexes gave up early gains on Wednesday and closed slightly lower as hawkish comments from Fed Chair Powell sparked a wave of long liquidation in equities. Mr. Powell warned that tariff-driven economic uncertainty and inflation risk continue to complicate the Fed’s chances to ease monetary policy. The FOMC left interest rates unchanged following Wednesday’s policy meeting and continued to project two 25-bp rate cuts this year but cut their US growth forecast and raised their inflation forecast for this year.
