U.S. stock indexes slipped as doubts rise about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September.
The S&P 500 fell 0.1% Wednesday. The Dow Jones Industrial Average dropped 0.4%, and the Nasdaq composite edged up 0.1%.
Stocks felt pressure from rising Treasury yields after the Fed voted to hold its main interest rate steady. The move may upset President Donald Trump, who has been angrily lobbying for lower interest rates, but it was widely expected. What may have surprised investors even more was Fed Chair Jerome Powell’s pushing back on expectations for a September cut.
On Wednesday:
The S&P 500 fell 7.96 points, or 0.1%, to 6,362.90.
The Dow Jones Industrial Average fell 171.71 points, or 0.4%, to 44,461.28.
The Nasdaq composite rose 31.38 points, or 0.1%, to 21,129.67.
The Russell 2000 index of smaller companies fell 10.57 points, or 0.5%, to 2,232.40.
For the week:
The S&P 500 is down 25.74 points, or 0.4%.
The Dow is down 440.64 points, or 1%.
The Nasdaq is up 21.36 points, or 0.1%.
The Russell 2000 is down 28.67 points, or 1.3%.
For the year:
The S&P 500 is up 481.27 points, or 8.2%.
The Dow is up 1,917.06 points, or 4.5%.
The Nasdaq is up 1,818.88 points, or 9.4%.
The Russell 2000 is up 2.24 points, or 0.1%.
