Wall Street traded lower on Wednesday, extending the previous day’s risk-off mood sparked by Federal Reserve Chair Jerome Powell’s remarks.
At midday in New York, all major indexes were in the red: the S&P 500 slipped 0.3%, the Nasdaq 100 lost 0.5%, and the Russell 2000 fell 0.6%.
FCX is taking a hit from negative sentiment. Get the inside scoop here.
Investors bristled at Powell’s comments that further rate cuts are not a given, underscoring a data-dependent stance, while also calling equity markets “fairly highly valued.”
Technology stocks led the pullback, while energy shares rallied as oil prices surged more than 2% to nearly $65 a barrel. U.S. crude inventories unexpectedly fell by 0.607 million barrels in the week ending Sept. 19, defying forecasts for an 0.8-million-barrel build. Geopolitical tensions added further support, with NATO vowing a robust response to Russian airspace incursions and Ukrainian drones striking Russian refineries and pipelines.
Commodity-linked equities saw outsized moves. Freeport-McMoRan Inc. FCX dropped more than 14% after a fatal accident at its Indonesian mine forced the company to cut its 2026 production guidance for the third quarter, warning of significant delays.
Copper prices spiked more than 4% on supply concerns, lifting shares of other miners such as Southern Copper Corp. SCCO, which climbed over 7%.
In fixed income, Treasury yields rose about 3 basis points across the curve, with the 10-year benchmark steady near 4.15%. The dollar index rebounded 0.7%, dragging gold and silver down from record highs, with losses of 0.6% and 0.2%, respectively.
In crypto markets, Bitcoin BTC/USD advanced 1.5% to $113,700.
Wednesday’s Performance In Major U.S. Indices, ETFs
According to Benzinga Pro data:
The Vanguard S&P 500 ETF VOO edged 0.4% lower to $609.25.
The SPDR Dow Jones Industrial Average DIA slipped 0.2% to $461.81.
The tech-heavy Invesco QQQ Trust Series QQQ dropped 0.5% to $595.00.
The iShares Russell 2000 ETF IWM fell 0.4% to $242.82.
The Energy Select Sector SPDR Fund XLE outperformed, up 2.01%; the Technology Select Sector SPDR Fund XLK lagged, down 1%.
S&P 500’s Top 5 Performers On Wednesday
S&P 500’s Top 5 Losers On Wednesday
Read Now:
The Fed May Cut Less Than You Think, And That Could Hit Stocks Hard: Oxford Economics
Photo: Shutterstock