The S&P 500 Index ($SPX) (SPY) Wednesday closed down -0.12%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.38%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.16%. September E-mini S&P futures (ESU25) fell -0.09%, and September E-mini Nasdaq futures (NQU25) rose +0.19%.
Stock indexes gave up an early advance on Wednesday and settled mixed, with the Dow Jones Industrials posting a 1.5-week low. Stocks relinquished their gains after Fed Chair Powell pushed back against imminent interest rate cuts, citing inflation risks from rising tariffs. The 10-year T-note yield rose +5 bp to 4.37%, which sparked long liquidation in equities, after Fed Chair Powell said the US labor market "looks solid" and with tariffs starting to show in consumer prices, the current modestly restrictive policy stance is appropriate.
