S&P 500 is little changed, rallying back from session lows despite Powell probe, bank sell-off: Live updates

The S&P 500 managed to stabilize on Wednesday, showing resilience by closing relatively flat despite earlier declines. This came amidst a turbulent trading session marked by concerns over Federal Reserve Chair Jerome Powell's recent comments, which sparked a probe into potential impacts on monetary policy. While the Nasdaq Composite edged up by 0.2%, the Dow Jones Industrial Average dipped slightly, losing 25 points, or nearly 0.1%. Investors were initially rattled by a sell-off in the banking sector, driven by apprehensions about interest rate hikes and their effects on financial institutions. Despite these pressures, market sentiment improved as the session progressed, aided by encouraging economic data and corporate earnings reports that exceeded expectations. Analysts noted that this tempered the impact of Powell's remarks, allowing the indices to recover from their session lows. As the market digested these developments, attention shifted towards upcoming economic indicators and potential policy shifts. The mixed performance of the major indices reflects the ongoing uncertainty in the financial landscape, with investors cautiously optimistic about the future. Market watchers will continue to monitor the Federal Reserve's actions and global economic trends for further guidance.

— Authored by Next24 Live