Most U.S. stocks slipped as doubts arose about the Federal Reserve delivering interest rate cuts by September. The S&P 500 edged down by 0.1%, Dow Jones dropped 171 points, and Nasdaq rose 0.1%. Rising Treasury yields pressured stocks after the Fed voted to hold rates steady, upsetting President Trump.

Fed Chair Powell pushed back on expectations for rate cuts in September, citing inflation above 2% and a balanced job market. Trump announced a 25% tariff on Indian imports due to Russian oil purchases. Powell stated the Fed will await two months of economic data before deciding on rates in September.

Traders reduced bets on a September rate cut after Powell’s comments, with a 45% chance now seen. Two-year Treasury note yields rose to 3.93% following Fed expectations. The 10-year Treasury, reflecting longer-term economic outlook, rose to 4.36%. U.S. economy growth was stronger than expected in the spring, but underlying trends are concerning.

Humana and Electronic Arts reported strong results, while Trane Technologies and Freeport-McMoRan saw drops. Starbucks reported weaker profits, aiming to boost performance with new products. S&P 500 closed at 6,362.90, Dow Jones at 44,461.28, and Nasdaq at 21,129.67. Global indexes saw mixed movements.

Read more at Yahoo Finance: Most US stocks fall as hopes weaken for a September cut to interest rates