The stock market was sliding as Federal Reserve Chair Jerome Powell began his press conference in the wake of the central bank’s latest rate cut on Wednesday.
The Dow Jones Industrial Average was down 278 points, or 0.6%. The S&P 500 was down 0.8%. The Nasdaq Composite was down 0.9%.
All 11 major S&P sectors were on track to close lower for what would be the first time since August, according to Dow Jones Market Data.
Though the Fed opted for another quarter-point cut, central bank officials essentially cut their expectations for rate cuts in 2025 in half.