U.S. stocks ended mixed on Wednesday after Federal Reserve Chair Jerome Powell suggested the central bank may hold off on further interest rate cuts this year.
The Dow Jones Industrial Average fell 74.37 points, or 0.16 percent, to 47,632.00. The S and P 500 edged down 0.30 points, or less than 0.01 percent, to 6,890.59, while the Nasdaq Composite Index rose 130.98 points, or 0.55 percent, to 23,958.47.
Seven of the 11 primary S and P 500 sectors ended lower, with real estate and consumer staples leading the laggards by losing 2.66 percent and 2.00 percent, respectively. Technology and communication services outperformed, advancing 1.05 percent and 1.04 percent, respectively.
The Fed lowered its benchmark overnight lending rate by 25 basis points to a range between 3.75 percent and 4 percent at the conclusion of its two-day policy meeting, marking the second rate cut this year. Before the decision, markets widely expected another reduction in December.
However, Powell tempered expectations, saying "a further reduction in the policy rate at the December meeting is not a foregone conclusion."
"Powell is reflecting the tension on the Fed between those who favor more aggressive easing and those who are concerned that inflation remains too high, even as the labor market weakens," said Michael Rosen, chief investment officer at Angeles Investments.
Investors are also watching earnings from the "Magnificent Seven" group. Alphabet, Meta Platforms, and Microsoft are scheduled to report later Wednesday, followed by Apple and Amazon on Thursday.
U.S. stocks close mixed as Powell signals pause in rate cuts
Thailand will release detained Cambodian soldiers once peace is restored, a Thai official said on Saturday, after the two countries agreed to a ceasefire following days of heavy clashes.
The ceasefire was agreed following intense discussions at General Border Committee (GBC) meetings between Cambodia and Thailand in Thailand’s Chanthaburi province.
Under the agreement, the truce took effect at noon local time and will be monitored by both sides for 72 hours. The Thai government said it reached the agreement after considering the impact of the crisis on the country's economy and international standing.
"Once peace has been restored, civilians can return to their homes safely. Thailand will then release 18 detained Cambodian soldiers," said Thai Defense Minister Gen. Nattaphon Narkphanit at a press conference after the meeting.
Thailand, in turn, expressed hope that Cambodian authorities will allow Thai citizens remaining in Cambodia to return safely.
The coming hours will be a key test of mutual trust. The two countries have agreed to keep communication channels open and work together to combat disinformation, which has complicated negotiations. Thailand also expects Cambodia to assist in clearing landmines in disputed areas.
Thailand said it is watching closely to see whether the ceasefire will be fully implemented, while remaining prepared to defend itself if hostilities resume.
"The ceasefire must be sincerely conducted and maintained. We are going to wait. That is why we have the 72-hour monitoring period in place. If things are not settled within the 72 hours, we will fall back to our protocol of using our right to defend our country," said Thai Air Chief Marshal Prapas Sonjaidee.
Prior to the ceasefire, the situation along the border was tense. During the General Border Committee talks, airstrikes and clashes occurred almost daily, with frontline control shifting frequently, taking a heavy toll on civilians.
Thailand to release detained Cambodian soldiers once peace is restored: official
