Stocks slumped on Wednesday, as investors reacted poorly to comments from Federal Reserve Chair Jerome Powell. After the central bank kept interest rates steady, Powell indicated the Fed has “made no decisions” about a potential policy change in September. All three major indexer burrowed into the red after the remarks, but the Nasdaq was able to move back into the black just before the close. Wall Street now turns to a slew of Big Tech reports, with Microsoft (MSFT) and Meta Platforms (META) hitting the earnings confessional.

Oil Stays Hot Even After Fed Decision

Oil prices extended their rally, as trade deal optimism props up black gold, though gains were pared slightly after the Fed kept interest rates unchanged. September-dated West Texas Intermediate (WTI) crude rose 79 cents, or 1.1%, to settle at $73.24 a barrel. 

U.S. gold futures moved lower, with investors wary interest rate cuts could get pushed back to 2026. August-dated gold futures shed 0.9% to settle at $3,352.30 per ounce. 

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