U.S. stocks hovered near record levels, with the S&P 500 slipping 0.1% and the Dow Jones rising 0.6%, while the Nasdaq fell 0.3%. The Federal Reserve cut interest rates for the first time this year, but projections show further cuts are expected, indicating a potential economic kickstart.

Fed Chair warns projections are not set in stone as job market slows and inflation remains high. The Fed is challenged to balance these issues with limited tools. Stocks rose initially on expected rate cuts but fluctuated as Powell spoke, impacting smaller companies the most.

Lyft surged 13.1% announcing an autonomous ride-hailing service with Waymo, while Workday rose 7.2%. Big Tech stocks like Nvidia and Broadcom dragged down the market, while RCI Hospitality Holdings dropped 10.4% due to bribery allegations. StubHub slumped in its NYSE debut.

S&P 500 fell slightly, Dow Jones rose, and Nasdaq fell. Overseas, European and Asian markets were mixed. Japan’s Nikkei 225 dropped 0.2% due to a 13.8% decline in exports to the U.S. Bond market yields rose after briefly dipping below 4% post-Fed projections.

Read more at Yahoo Finance.: US stocks churn amid uncertainty about how many more rate cuts are coming from the Fed