US stocks were higher on Wednesday as investors digested Federal Reserve chair Jerome Powell reiterating the Fed will likely cut interest rates this year amid inflation's "bumpy" path downward. The S&P 500 rose about 0.3%, while the Dow Jones Industrial Average popped about 0.1%. The tech-heavy Nasdaq Composite led the gains, rising more than 0.4% after the major gauges closed Tuesday in a sea of red.
Stocks reversed losses on Wednesday morning, though, after a reading on prices paid in the services sector hit its lowest level since March 2020, indicating potential future declines in inflation. This data stood in contrast to a similar reading from the manufacturing sector on Monday, which showed inflation pressures were on the rise last month. Earlier in the day, Atlanta Fed President Raphael Bostic told CNBC he expects the Fed to make its first interest rate cut in the fourth quarter.
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