Wall Street Hits One-Week Lows Amid Investor Rate Cut Reassessment

Wall Street's main indexes showed mixed results as investors awaited Federal Reserve Chair Jerome Powell's comments on the economy, with hopes for further interest rate cuts following last week's reduction. The Dow Jones Industrial Average rose by 0.66%, the S&P 500 saw a slight gain of 0.05%, and the Nasdaq Composite declined by 0.23%, impacted by losses in major tech stocks like Nvidia and Amazon. The financial sector of the S&P 500 reached a record high, helped by strong earnings, while the electric utilities sector increased by 2.3%. Fed officials, including Chicago Fed President Austan Goolsbee, suggested that if inflation eases, there could be room for additional rate cuts. Market strategist Charlie Ripley noted that expectations for two more cuts this year might be at risk depending on Powell's upcoming remarks. These developments reflect investor uncertainty amid contrasting signals from Federal Reserve members about the pace of monetary policy easing.