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Fed Meeting Today: Stocks Fall After Powell Voices Inflation Worries — Live Updates WSJStock market today: Dow sinks 750 points, S&P 500, Nasdaq slide after Fed decision as Powell touts inflation worries Yahoo FinanceHeard on the Street Wednesday Recap: Higher for Longer? WSJUS stocks slump on worries about higher oil prices, inflation and interest rates AP News
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Dow tumbles more than 750 points to new closing low for 2026, fueled by inflation woes; Fed holds steady on rates CNBCDow slides nearly 800 points after Fed meeting amid oil inflation USA TodayStock market today: Dow, S&P 500, Nasdaq slide as Federal Reserve holds rates steady Yahoo FinanceFed Meeting Today: Stocks Fall After Powell Voices Inflation Worries — Live Updates WSJ
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Trump temporarily waives the Jones Act to try to lower gasoline prices. Will it work? NPRTrump waives U.S. shipping law for 60 days to steady oil market CNBCU.S. Suspends Oil Shipping Rules to Ease Gas Price Pressures The New York TimesOil prices spiral again as White House moves make little impact The Washington PostTrump waives shipping law as gasoline prices soar Axios
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Federal Reserve Chair Jerome Powell is due to speak Wednesday on the economy and interest rates for the time since the start of the Iran conflict.
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Warsh faces a potential buzzsaw in the form of a Hobson's choice between fighting inflation and supporting the labor market.
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Brent crude reached its highest price since Russia invaded Ukraine in 2022. Gasoline prices in the U.S. are expected to continue to rise.
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Stocks stabilized Wednesday after Tuesday's hotter-than-expected inflation data sparked Wall Street's worst selloff in over two years.
Inflation remained in focus today with the early morning release of the producer price index (PPI) for August. Similar to yesterday's consumer price index (CPI), the PPI - which measures what suppliers are charging for goods and services - rose at a slower annual clip in August than it did in July. However, on a month-over-month basis, both PPI and core PPI, which excludes energy and food prices, were up from July's figures.
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"There is a divergence in headline and core inflation building, where headline is cooling and core is heating up," says Jamie Cox, managing partner at Harris Financial Group. "That's an odd phenomenon and likely influenced by the shift from goods to services post-pandemic. The Fed should proceed with caution and not hit the emergency brake on rate hikes."
While yesterday's selling was broad-based, today's action was more mixed. In terms of sector performance, real estate (-1.2%) and materials (-1.2%) were the biggest laggards, while energy ( 2.8%) outperformed as U.S. crude futures rose 1.3% to settle at $88.48 per barrel.
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As for the major indexes, the Nasdaq Composite ended up 0.7% at 11,719, while the S&P 500 Index ( 0.3% at 3,946) and the Dow Jones Industrial Average ( 0.1% at 31,135) also finished with mode
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