Wall Street dips as Fed's Powell warns of high prices
US stocks dropped for the second day in a row on Wednesday, after Federal Reserve Chair Jerome Powell flagged that stock prices might be getting a bit too high.
This comes just after markets hit record highs, so investors are now treading more carefully.
The big question: how will the Fed keep the economy steady without letting inflation get out of hand?
A look at the day's highlights
It was a mixed bag across sectors—materials took a hit as Freeport-McMoRan shares plunged 17% due to issues at its Indonesian mine, while energy stocks climbed thanks to rising oil prices.
Lithium Americas almost doubled on buzz about possible US government investment, but Micron Technology slipped 2.8% after its latest earnings report.
All eyes are now on upcoming personal consumption expenditures (PCE) data, the Fed's preferred inflation gage, which could give clues about inflation and what's next for interest rates.