Equity Alert
US indices end dn; Fed Powell warns US equities 'highly valued'
This story was originally published at 08:09 IST on 24 September 2025
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Equity Alert: US indices end dn; Fed Powell warns US equities 'highly valued'
MUMBAI--0720 IST--Indices in the US retreated from record high levels to close lower Tuesday as US Federal Reserve Chair Jerome Powell said the apex bank needed to balance out risks of high inflation and a weakening job market. Powell also said "there is no risk-free path" and that the near-term risks to inflation are tilted to the higher side and risks to employment to the downside. Powell's speech in Rhode Island also suggested that US equities were "fairly highly valued," according to media reports.
"He (Jerome Powell) was somewhat on the dovish side, but also showed cautiousness, and that indicates that while he left the door open for another rate cut, there was really no hint of when and how much the next rate cut could be," Peter Cardillo, chief market economist at Spartan Capital Securities, was quoted by Reuters as saying.
S&P Global's flash Composite Purchasing Managers' Index slipped to 53.6, a three-month low, in September from 54.6 in August. Both manufacturing and services flash purchasing managers' index also fell. The manufacturing flash PMI slipped to 52.0 in September from 53.0 in August. The services flash PMI was also down, at 53.9 from 54.5 in August.
The technology-heavy Nasdaq Composite ended 1% lower as shares of Apple, Microsoft, and Amazon fell 1-3%. Shares of Nvidia also fell nearly 3?ter sharp gains in the previous session on the back of its large deal with OpenAI.
The Dow Jones Industrial Average was down 0.2%. Traders await the personal consumption expenditures price index data, the Fed's preferred inflation gauge. The inflation print is due for release Friday.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6656.92 |
(-)0.55 |
|
NASDAQ Composite |
22573.47 |
(-)0.95 |
|
Dow Jones Industrial Average |
46292.78 |
(-)0.19 |
(Eshitva Prakash)
End
US$1 = INR 88.75
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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