Wall Street traded lower on Wednesday, extending the previous day's risk-off mood sparked by Federal Reserve Chair Jerome Powell's remarks.
At midday in New York, all major indexes were in the red: the S&P 500 slipped 0.3%, the Nasdaq 100 lost 0.5%, and the Russell 2000 fell 0.6%.
FCX is taking a hit from negative sentiment. Get the inside scoop here.
Investors bristled at Powell's comments that further rate cuts are not a given, underscoring a data-dependent stance, while also calling equity markets "fairly highly valued."
Technology stocks led the pullback, while energy shares rallied as oil prices surged more than 2% to nearly $65 a barrel. U.S. crude inventories unexpectedly fell by 0.607 million barrels in the week ending Sept. 19, defying forecasts for an 0.8-million-barrel build. Geopolitical tensions added further support, with NATO vowing a robust response to Russian airspace incursions and Ukrainian drones striking Russian refineries and pipelines.
Commodity-linked equities saw outsized moves. Freeport-McMoRan Inc. (NYSE:FCX) dropped more than 14% after a fatal accident at its Indonesian mine forced the company to cut its 2026 production guidance for the third quarter, warning of significant delays.
Copper prices spiked more than 4% on supply concerns, lifting shares of other miners such as Southern Copper Corp. (NYSE:SCCO), which climbed over 7%.
In fixed income, Treasury yields rose about 3 basis points across the curve, with the 10-year benchmark steady near 4.15%. The dollar index rebounded 0.7%, dragging gold and silver down from record highs, with losses of 0.6% and 0.2%, respectively.
In crypto markets, Bitcoin (CRYPTO: BTC) advanced 1.5% to $113,700.
Wednesday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | 1-day %chg |
| • Dow Jones | 46,223.14 | -0.2% |
| • S&P 500 | 6,641.04 | -0.3% |
| • Nasdaq 100 | 24,472.57 | -0.5% |
| • Russell 2000 | 2,445.15 | -0.6% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) edged 0.4% lower to $609.25.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) slipped 0.2% to $461.81.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) dropped 0.5% to $595.00.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.4% to $242.82.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 2.01%; the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 1%.
S&P 500’s Top 5 Performers On Wednesday
| Stock Name | % Change |
|---|---|
| CF Industries Holdings, Inc. (NYSE:CF) | +5.45% |
| Intel Corporation (NASDAQ:INTC) | +5.49% |
| The Mosaic Company (NYSE:MOS) | +5.21% |
| EQT Corporation (NYSE:EQT) | +4.79% |
| Centene Corporation (NYSE:CNC) | +4.89% |
S&P 500’s Top 5 Losers On Wednesday
| Stock Name | % Change |
|---|---|
| Freeport-McMoRan Inc. | -14.87% |
| Axon Enterprise, Inc. (NASDAQ:AXON) | -7.29% |
| KKR & Co. Inc. (NYSE:KKR) | -5.13% |
| Synopsys, Inc. (NASDAQ:SNPS) | -4.845% |
| Micron Technology, Inc. (NASDAQ:MU) | -4.37% |
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