Stock Market Today: Stocks Stabilize After Powell's Rate-Cut Warning

The main indexes temporarily tumbled after Fed Chair Powell said interest rates could stay higher for longer.

Federal Reserve Chair Jerome Powell speaking into microphone in congressional testimony
(Image credit: Chip Somodevilla/Getty Images)

Stocks struggled for direction Tuesday as investors took in the latest round of corporate earnings reports and a mid-afternoon speech from Fed Chair Jerome Powell.  

At the close, the S&P 500 (-0.2% at 5,051) and the Nasdaq Composite (-0.1% at 15,865) suffered modest losses but were well off their session lows. The Dow Jones Industrial Average (+0.2% at 37,798) held on for a win as UnitedHealth Group (UNH) soared 5.2% after earnings. 

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.