Global equities stumbled as the U.S. dollar rose after Fed Chair Powell hinted no rate cut in September. Stocks dropped after the Fed left rates unchanged, citing moderating growth. Powell’s statement led to a market retreat, with the Dow falling and MSCI’s global gauge declining.

Investors were disappointed by Powell’s lack of commitment to rate cuts in September. The Fed’s decision to hold rates drew criticism from two governors appointed by President Trump. Wall Street saw mixed results, with the Dow dropping, the S&P falling, and the Nasdaq rising slightly.

The dollar strengthened against major currencies as Powell spoke, with the euro, sterling, and Canadian dollar weakening. In the bond market, U.S. Treasury yields rose due to uncertainty about a rate cut in September. Oil prices rose, waiting for developments on Trump’s tariff threats and deadline for Russia in Ukraine.

Trump signed orders for tariffs on copper and imports from Brazil and India. This followed inconclusive talks with China. Gold prices fell after the Fed’s decision and strong U.S. economic data. U.S. economic growth rebounded in the second quarter, driven by declining imports, while private payrolls increased more than expected in July.

Read more at Yahoo Finance: Global stock index dips, dollar climbs as Fed’s Powell holds off on Sept rate cut verdict