Stocks Sink as Hopes for More Rate Cuts Fade

Stocks fell and bond yields rose after the Federal Reserve lowered its key interest rate for the first time in a decade but left investors feeling uncertain about the likelihood of further cuts, the AP reports. The quarter-point cut announced Wednesday was widely expected, so investors focused on Chairman Jerome Powell's remarks during a news conference for hints about the Fed's future plans. Powell said there could be more cuts, but the central bank was not intending to embark on a long cycle of lowering rates. Tech stocks fell the most. Microsoft lost 2.9%. The S&P 500 fell 32 points, or 1.1%, to 2,980. The Dow Jones Industrial Average lost 333 points, or 1.2%, to 26,864. It was down 478 earlier. The Nasdaq fell 98 points, or 1.2%, to 8,175. (More stock market stories.)