: Dow, S&P 500 end lower after Fed’s Powell says back-to-back rate hikes aren’t ruled out

U.S. stocks closed mostly lower on Wednesday after Federal Reserve Chairman Jerome Powell said he won’t rule out back-to-back rate hikes, in a meeting with other global central bankers. The Dow Jones Industrial Average DJIA shed about 72 points, or 0.2%, ending near 33,853, based on preliminary FactSet figures. The S&P 500 index SPX closed fractionally lower, down less than 0.1%, while the Nasdaq Composite Index COMP gained 0.3%. While powering gains for stocks in 2023, the S&P 500’s information technology segment took a breather Wednesday, ending flat. Also in tech, shares of Nvidia Corporation NVDA shed 1.7%, after reports of a potential new export restrictions on sales to China, while those of Advanced Micro Devices Inc. edged 0.3% lower.

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