US stock market: Dow, S&P 500 down on nagging uncertainty about Fed rate path

U.S. stock indexes turned negative on Wednesday after Federal Reserve Chair Jerome Powell’s remarks on the future of interest rate hikes were uncertain. The Fed’s latest statement raised interest rates by a quarter of a point and hinted at the possibility of pausing future hikes. However, Powell said the bank still considered inflation too high. The S&P 500 sectors all fell, with energy and finance declining the most. The KBW regional banking index fell by 0.9%, furthering this week’s losses. The Dow Jones lost 270.29 points, the S&P 500 dropped 28.83 points, and the Nasdaq reduced by 55.18 points.