US Equity Indexes Mixed Following Fed's Rate Cut

03:46 PM EDT, 09/17/2025 (MT Newswires) -- US equity indexes were mixed ahead of the close on Wednesday after the US Federal Reserve trimmed the federal funds rate target range by 25 basis points to 4% to 4.25% in line with market expectations.

The updated Summary of Economic Projections now sees two more rate reductions in 2025, ending the year at a median rate of 3.6%.

Higher tariffs are driving up prices in some categories of goods, but their effects on economic activity and inflation remain to be seen, Fed Chairman Jerome Powell said in a press conference after the FOMC statement.

The Nasdaq Composite slumped 0.1% to 22,295.4, with the S&P 500 down 0.03% to 6,603.5, and the Dow Jones Industrial Average 0.5% higher at 46,011.9. All sectors except consumer discretionary, industrials, and technology gained intraday, with consumer staples and financials leading the gainers.

The CBOE Volatility Index fell 4.1% to 15.68.

Most Treasury yields rose, with the 10-year yield up 3.8 basis points to 4.06% and the two-year rate 3.1 basis points higher at 3.54%.

Gold futures fell 0.6% to $3,700.6.

West Texas Intermediate crude oil futures declined by 0.8% to $63.96 a barrel.

In company news, Uber Technologies (UBER) shares fell 4.6% in recent trading after Lyft (LYFT) entered a partnership with Alphabet's (GOOG/GOOGL) Waymo to bring Waymo's autonomous vehicle ridesharing to Nashville, Tennessee, in 2026. Wedbush analysts noted that Waymo's collaborations over the last year, including today's partnership with Lyft (LYFT), indicate that Uber (UBER) has lost its position as the exclusive partner for Waymo expansion. Uber (UBER) earlier held exclusivity over Waymo distribution in the cities of Atlanta and Austin, according to the brokerage.

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