Wall St. ends mixed after Fed’s rate cut, outlook

THE NASDAQ and the S&P 500 closed lower in choppy trading on Wednesday, after the US. Federal Reserve cut interest rates by an expected 25 basis points and Fed Chair Jerome H. Powell cited the weak job market.

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The Dow closed higher after meandering during Mr, Powell’s speech.

The central bank indicated it will steadily cut rates for the rest of the year as policymakers signaled concerns about weakness in the labor market. The Fed projected two more quarter-percentage-point cuts this year.

In a press conference, Mr. Powell talked about the mounting downside risks of employment compared to inflation, but said inflation risks still must be assessed and managed.

This rate cut was already priced in by investors, according to data compiled by LSEG.