Stocks Settle Mixed on Hawkish Fed Chair Powell Comments

Market Overview - The S&P 500 Index closed down -0.10%, while the Dow Jones Industrials Index closed up +0.57%, and the Nasdaq 100 Index closed down -0.21% [1] - Stock indexes settled mixed, with the Dow Jones reaching a new all-time high [2] - The 10-year T-note yield rose to 4.07% after initially falling to a 5.25-month low of 3.99% [2] Federal Reserve Actions - The Federal Open Market Committee (FOMC) cut interest rates by -25 basis points and signaled an additional -50 basis points of cuts by the end of the year [3][6] - The FOMC raised its US 2025 GDP forecast to +1.6% from +1.4% [7] - Fed Chair Powell indicated that inflation remains elevated and that higher goods prices are contributing to inflationary pressures [8][12] Housing Market - US housing starts fell -8.5% month-over-month to 1.307 million, below expectations of 1.365 million [5] - Building permits also fell -3.7% month-over-month to a 5.25-year low of 1.312 million, contrary to expectations of an increase [5] Company-Specific News - Nvidia's stock fell more than -2% after reports that China's Cyberspace Administration instructed major companies to halt orders for its RTX Pro 6000D chip [4][15] - Home building suppliers, including Builders FirstSource and Mohawk Industries, retreated following disappointing housing data [16] - Uber Technologies' stock declined more than -4% amid insider selling by CEO Khosrowshahi [17] - Hologic's stock rose more than +7% as interest in a potential takeover by Blackstone Inc. and TPG Inc. was revived [18] - PayPal Holdings' stock increased more than +2% after announcing a multi-year partnership with Google [19]