Stock market today: Dow, S&P 500, Nasdaq pull back as Fed's Warsh speaks

US stocks pulled back on Wednesday as Kevin Warsh spoke on a panel, with the Federal Reserve chairman’s words in focus for clues to future interest rate moves.

The Dow Jones Industrial Average (^DJI) slid 0.4% on the heels of another record-high close, while the S&P 500 (^GSPC) also edged down 0.5%. The tech-heavy Nasdaq Composite (^IXIC) dropped by a steeper 0.8%, having jumped Tuesday as chip stocks continued to climb.

Wall Street isn’t expecting to get forward guidance on Fed policy from Warsh when he takes part in a panel at the ECB forum in Portugal on Wednesday. But the Fed chief could give clues to how he assesses inflation and the economy, as bets on rate hikes grow.

That, along with a fresh batch of economic data, will set the stage for the June jobs report on Thursday, a day earlier than usual due to the Fourth of July holiday shutdown. Data from ADP on Wednesday showed private sector hiring slowed more than expected in June, as the private sector added 98,000 jobs, while data from the outplacement firm Challenger, Gray & Christmas showed US employers announced just under 46,000 job cuts last month, down a smidge from the almost 48,000 layoffs planned in June 2025.

Meanwhile, peace talks in Qatar faltered on Wednesday as Iran said its delegates wouldn’t meet President Trump’s team, clouding hopes for progress toward a long-lasting deal and return to normalcy for oil flows. Oil prices reversed gains to drop about 1%, with Brent (BZ=F) crude futures falling toward $72 a barrel and WTI crude oil (CL=F) below $69.