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

04:07 PM EDT, 07/01/2025 (MT Newswires) -- US benchmark equity indexes were mixed on Tuesday after Federal Reserve Chair Jerome Powell blamed high import tariffs for the central bank's decision to hold off on cutting interest rates, while government bond yields climbed following stronger-than-expected job openings data.

* Federal Reserve Chair Jerome Powell said US President Donald Trump's broad tariffs led the central bank to delay interest rate cuts this year. He noted that inflation has stayed fairly stable, but the Fed expects higher readings during the summer and remains open to adjusting its outlook depending on how conditions develop.

* US job openings climbed to 7.769 million in May, according to the Bureau of Labor Statistics, exceeding the 7.3 million forecast in a Bloomberg survey and up from 7.395 million in April. The figure represents 4.6% of total employment, an increase from 4.4% the previous month but lower than 4.8% in May 2023.

* August West Texas Intermediate crude oil closed up $0.56 to settle at $65.66 per barrel, while August Brent crude, the global benchmark, was last seen higher $0.58 to $67.32.

* Packaging Corp. of America (PKG) shares were up about 7.6% after the company agreed to a $1.8 billion cash deal to acquire Greif's (GEF) containerboard business. Greif (GEF) shares were also nearly 7.2% higher.

* GE Vernova (GEV) shares dropped 4.4% despite Deutsche Bank increasing its price target to $563 from $546 and maintaining a buy rating.

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