U.S. stocks were mixed late Wednesday as traders digested comments from Federal Reserve Chair Jerome Powell, who signaled that another interest rate cut in December is far from guaranteed. The Dow Jones Industrial Average and S&P 500 edged slightly lower, while the Nasdaq climbed on continued gains
Investors trimmed bets on a December rate cut, now giving it a 71% probability, down from 90% previously. Earlier, markets initially rose following the Fed’s expected quarter-point interest rate cut and its announcement to restart limited Treasury purchases. Policymakers noted that the U.S. federal government shutdown constrained their decision-making process. The Fed lowered its overnight benchmark rate to 3.75%–4.00%, marking the second rate cut this year.
“Markets tend to overreact to news out of the Federal Reserve in the short term,” said Oliver Pursche, senior vice president at Wealthspire Advisors. “Chairman Powell indicated that another rate cut is not a foregone conclusion… The Fed is data dependent.”
Tech giant Nvidia provided a major boost, becoming the first company to reach a $5 trillion market valuation, with shares up 2.7%. Nvidia has gained over 50% this year, driving Wall Street’s AI rally.
By the close, the Dow fell 39.81 points (0.08%) to 47,666.56, the S&P 500 dropped 6.44 points (0.08%) to 6,884.45, and the Nasdaq Composite rose 76.39 points (0.32%) to 23,903.89.
Investors are also watching results from major tech firms due after the bell, including Meta Platforms, Microsoft, and Alphabet, which could influence market direction in the coming days.
The United States has warned Oman against supporting any effort to impose tolls in the Strait of Hormuz, saying Washington would penalise any parties ...
A renewed wave of U.S. diplomatic activity in the South Caucasus highlights Washington’s growing focus on regional connectivity, trade and security,...
Kyrgyzstan has signed a series of cooperation agreements with China and Belarus at the Fifth Forum of Regional Leaders of Shanghai Cooperation Organis...
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings an...
The Ebola outbreak in eastern Democratic Republic of the Congo is "outpacing containment efforts" amid conflict, weak disease surveillance and limited...
The United States has warned Oman against supporting any effort to impose tolls in the Strait of Hormuz, saying Washington would penalise any parties involved in facilitating such a system.
A renewed wave of U.S. diplomatic activity in the South Caucasus highlights Washington’s growing focus on regional connectivity, trade and security, according to Associate Professor George Mchedlishvili of European University in Tbilisi.
Kyrgyzstan has signed a series of cooperation agreements with China and Belarus at the Fifth Forum of Regional Leaders of Shanghai Cooperation Organisation (SCO) member states, underlining the country's growing economic engagement within the regional bloc.
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
The U.S. and Iran have reportedly reached a preliminary 60-day ceasefire and nuclear talks deal, pending Donald Trump’s approval, Axios reports. Meanwhile, the GCC condemned Iran’s missile strike on a U.S. airbase in Kuwait, which Tehran said was retaliation for a U.S. strike near Bandar Abbas.
Bolivia’s President Rodrigo Paz has taken steps towards potentially declaring a state of emergency as anti-government protests intensify in the early months of his administration.
The World Health Organization (WHO) says ongoing conflict, funding pressures and international travel restrictions are complicating efforts to contain a fast-growing Ebola outbreak in the Democratic Republic of Congo (DRC).
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
Russia and Kazakhstan signed 15 agreements during President Vladimir Putin’s state visit to Astana on Thursday (28 May), including deals on Kazakhstan’s first nuclear power plant and expanded oil cooperation with Russia.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
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