Stock market today: US stocks close lower as early rate cut hopes fade
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US stocks closed lower as Federal Reserve Chair Jerome Powell dashed hopes of an early interest rate cut. The S&P 500 ended the session down 0.3%, the Dow Jones Industrial Average shed about 0.7%, and the Nasdaq Composite fell 0.2%. Powell's comments in a '60 Minutes' interview reiterated the central bank's cautious approach to rate cuts. Traders scaled back their bets on rate cuts, causing US bonds to sink and the 10-year Treasury yield to rise to 4.17%. Investors are now looking to quarterly corporate earnings reports for inspiration.
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