Market Reacts to Fed's Stance on Interest Rates

On Wednesday, the U.S. stock market experienced a mostly lower close following remarks by Federal Reserve Chair Jerome Powell, which suggested a potential hold on interest rate cuts in September. Powell emphasized the effectiveness of current moderate restrictiveness for the economy. This comes after the Fed's announcement to maintain unchanged rates, sparking investor caution.

Technology Earnings in Focus

Investors are also keenly awaiting earnings reports from tech giants such as Meta Platforms Inc. and Microsoft Corporation, which could influence market directions in the coming days.

Index Performances and Currency Movements

The Dow Jones Industrial Average fell by 0.38%, with 3M Company leading the decline. Conversely, the Nasdaq 100 saw a slight increase, buoyed by Marvell Technology Inc. The S&P 500 also dipped slightly, with IDEX Corporation experiencing a significant drop. In currency markets, the euro weakened against the dollar, reflecting the day's cautious investor sentiment.