Wall Street Mixed as Traders Parse Powell's Remarks; Nvidia Hits Record High

04:50 PM EDT, 06/25/2025 (MT Newswires) -- US equities closed mixed Wednesday as investors assessed latest comments by Federal Reserve Chair Jerome Powell, while chipmaking giant Nvidia (NVDA) rose to a record high.

The Dow Jones Industrial Average fell 0.3% to 42,928.4, after a three-day winning streak. The Nasdaq Composite climbed 0.3% to 19,973.6, advancing for a third straight session. The S&P 500 was flat at 6,092.2.

Most sectors ended in the red, led by real estate, while technology saw the biggest gain.

Powell told the Senate Committee on Banking, Housing and Urban Affairs on Wednesday that there will be "some inflation" from tariffs in the coming months, the Associated Press reported. The levies are expected to cost hundreds of billions of dollars annually, and "some of that is going to fall on the consumer," Powell reportedly said. "We're just kind of waiting to see more data on that."

On Tuesday, Powell said in prepared remarks to the House Committee on Financial Services that the Fed can continue to wait and evaluate how the US economy responds to policy changes before it adjusts its monetary policy.

Boston Fed President Susan Collins said Wednesday that she sees the current monetary policy stance as "modestly restrictive," though she's leaning toward a potential rate cut later in 2025.

"While I continue to expect it will be appropriate to resume gradual policy normalization later this year, my outlook could change significantly as events unfold, and the economic impact of changes in various government policies comes into sharper focus," Collins said. "Much will depend on whether the 'price shock' from tariffs dissipates quickly, without derailing inflation expectations, and on whether the associated slowdown in real activity is limited."

US Treasury yields were mixed, with the two- and 10-year rates flat at 3.78% and 4.29%, respectively.

In company news, Nvidia (NVDA) rose 4.3% to a record high, the top gainer on the Dow and among the best on the S&P 500. Loop Capital raised its price target on the tech giant to $250 from $175, while maintaining a buy rating.

Tesla (TSLA) declined 3.8%. The electric vehicle maker's new car sales in Europe dropped nearly 28% year over year in May, data from the European Automobile Manufacturers Association showed.

Paychex's (PAYX) fiscal fourth-quarter revenue missed analysts' estimates. The human resources, payroll and benefits management services provider's shares were down 9.4%, the steepest decline on the S&P 500.

Bumble (BMBL) said that it is reducing about 30% of its global workforce, while the dating apps operator raised its second-quarter outlook. Its shares surged 25%.

West Texas Intermediate crude oil was up 1.3% at $65.20 a barrel.

"Oil prices climbed, buoyed by signs of solid US demand and ongoing relief around geopolitical stability," D.A. Davidson said in a client note.

The US recently brokered a ceasefire between Israel and Iran.

In economic news, new home sales in the US fell more than projected in May as prices increased, government data showed.

Mortgage applications in the US rebounded last week due to a rise in refinancing of Federal Housing Administration loans, even though interest rates increased, the Mortgage Bankers Association said.

Gold was up 0.2% at $3,340.3 per troy ounce, while silver rose 1.1% to $36.11 per ounce.

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