Wall Street closed on a mixed note on Wednesday as investors weighed steady Middle East ceasefire developments and digested Fed Chair Jerome Powell's second day of congressional testimony. The S&P 500 finished flat, and the Dow slipped 105 points, while the Nasdaq 100 rose 0.2% notching a fresh record close.
Fed Chair Jerome Powell maintained a cautious tone, signaling that while the Fed can manage potential inflation from tariffs, it's not yet ready to cut rates, despite mounting pressure from President Trump and some lawmakers.
Meanwhile, housing data revealed new home sales dropped to their slowest pace since October 2024 amid rising mortgage rates. Tech stocks led the market, with Nvidia gaining 4.3%, Alphabet up 2.3%, and AMD advancing 3.6%. On the downside, Tesla dropped 3.8% on weak European sales, and FedEx sank 3.3% after issuing a disappointing profit forecast.
Source: Trading Economi
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