Wall Street cracks post US Fed: Dow Jones, Nasdaq, S&P 500 drop nearly 1% post Powell's comments on future rate cuts

US Stock Market today: The benchmark stock market indices on Wall Street cracked after the US Federal Reserve Chairman Jerome Powell announced that a potential rate cut in the Fed’s December policy is not a ‘foregone conclusion’ and quite far from the real picture.

“A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” said US Fed Chair Jerome Powell on Wednesday.

The Nasdaq Composite dropped 0.92% to hit the intraday low of 23,763.99 points, compared to 23,984.41 points during the early trading session. The benchmark index is trading 0.30% higher at 23,897.96 points as of 3:29 p.m. (EDT), according to the data collected from Marketwatch.

Other benchmark indices like the Dow Jones Industrial Average lost 0.80% as the index dropped to its intraday low of 47,473.39 points, compared to 47,854.21 points during Wednesday’s trading session. The Dow Jones is trading 0.45% lower at 47,490.22 points as of 3:36 p.m. (EDT).

The S&P 500 also dropped 0.82% to hit its intraday low of 6,851.91 points during Wednesday’s Wall Street session, compared to 6,908.24 points ahead of Powell’s comments.

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