Stocks were ending mixed but well down from early highs Wednesday amid disappointment that Federal Reserve Chair Jerome Powell left markets uncertain whether another rate cut is coming in December. The Dow Jones industrial average slipped by 0.2 percent, the S&P 500 was flat, and Nasdaq gained 0.6 percent to set a new all-time closing high. US Treasury yields, oil prices and the dollar all rose.

Stocks appeared vulnerable to profit-taking after a four-day run of gains, and a less than supportive message from the Fed gave the market an excuse to pull back. After the Fed cut rates by 25 basis points for a second straight policy meeting, Powell warned against thinking another 25 basis point cut in December was foregone conclusion and said it would depend on the available data whether that included reports now delayed by the government shutdown or not. Powell said tariffs were fueling inflation and also that downside risks to employment were rising. On the positive side for stocks, news that the Fed would halt its quantitative tightening program in December was viewed as supportive for market liquidity and risk assets generally.

Technology stocks remained well supported with Nvidia becoming the first stock to achieve a $5 trillion valuation to help the Nasdaq outperform. Caterpillar was another winner after better than expected quarterly results.

Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.

Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.