Equity Markets Mixed After Fed Chair Blames Tariffs for Delay in Rate Cut

03:45 PM EDT, 07/01/2025 (MT Newswires) -- US benchmark equity indexes are on track to close mixed on Tuesday after Federal Reserve Chair Jerome Powell said that President Donald Trump's tariffs have delayed a cut in interest rates.

The Dow Jones Industrial Average increased 1% to 44,564.06, and the Nasdaq Composite fell 0.8% to 20,221.49. The S&P 500 was little changed at 6,204.96. Among sectors, materials led the gainers, while communication and technology were the lone decliners.

Packaging Corp. of America (PKG) shares rose 8.1%, among the top performers on the S&P. The company agreed to purchase the containerboard business of Greif (GEF) for $1.8 billion in cash. Greif (GEF) shares gained 6.8%.

Hasbro (HAS) shares jumped 5.2%. The company signed new multiyear casino licensing partnerships with Galaxy Gaming, Aristocrat Technologies, Evolution and Bally's (BALY) to develop and distribute games based on its leading brands. Bally's shares surged 19%.

GE Vernova (GEV) shares fell 5.8% even after Deutsche Bank raised the price target on the stock to $563 from $546 and maintained a buy rating.

The 10-year US Treasury yield rose 2.7 basis points to 4.26%, while the two-year rate increased 6.6 basis points to 3.79%.

August West Texas Intermediate crude oil gained 0.8% to $65.66 a barrel.

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