US stock indexes closed mixed on Wednesday, with the S&P 500 unchanged, Dow Jones down -0.16%, and Nasdaq up +0.41%. Futures showed a slight decline for S&P and a rise for Nasdaq. Stocks retreated as T-note yields surged after Powell’s rate cut comments. Semiconductor stocks gained on easing trade tensions with China. Mortgage applications rose, and pending home sales were flat. Fed cut rates by -25 bp. Powell hinted at no further cuts in December. Markets expect another -25 bp cut in December with an overall 74 bp cut by 2026. US-China trade agreement progress boosted stocks. Earnings week continues with strong Q3 reports but lower profit growth expectations. US-Canada trade relations tense with new tariffs. US government shutdown delays economic reports. Overseas markets rose. T-notes dropped on Fed comments, while European bonds fell. Swap markets indicate low chance of ECB rate cut. Chipmakers surged on trade optimism. Various stocks gained, led by Teradyne, Seagate, and Bloom Energy. Losers include Fiserv, Avantor, Garmin, and more. Earnings reports expected on 10/30 for major companies.

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