Shares fall as Powell points to more rate hikes: Stock market news today

Stocks were mixed on Wednesday when central bank governor Jerome Powell indicated to Congress that there could be more rate hikes this year.

The S&P 500 (^GSPC) fell around 0.27%, while the Dow Jones Industrial Average (^DJI) rose 0.11%, or more than 36 points. The Nasdaq Composite (^IXIC) fell 1.00%.

“Almost all FOMC participants expect it would be appropriate to raise interest rates somewhat further by the end of the year,” Powell said in prepared remarks released before the start of a House Financial Services Committee hearing on Wednesday.

Separately, an unexpected spat flared up after President Joe Biden called Chinese President Xi Jinping a “dictator”[ads1]; on Wednesday. It is seen as undermining efforts by both sides to revive relations between the US and the world’s second-largest economy.

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