04:28 PM EDT, 07/30/2025 (MT Newswires) -- US benchmark equity indexes closed mixed on Wednesday, after the Federal Reserve kept the target rate for the federal funds unchanged.

The Nasdaq was up 0.2% to 21,129.67 while the S&P 500 fell 0.1% to 6,362.90. The Dow Jones Industrial Average decreased 0.4% to 44,461.28. Among sectors, utilities led the gainers while materials rallied the decliners.

US Treasury yields were higher, with the 10-year rate increasing 5.3 basis points to 4.38% and the two-year rate gaining 7.6 basis points to 3.95%.

September West Texas Intermediate crude oil rose 1.7% to $70.36 a barrel on Wednesday.

The Federal Open Market Committee maintained the target range for the federal funds rate at 4.25% to 4.5%, but there were two dissenting votes by Fed governors for the first time since 1993, both looking for a 25-basis-point rate reduction.

The current level of policy restrictiveness is appropriate to protect against the risk that tariff impacts could be larger or more long-term than some expect, Fed Chair Jerome Powell said Wednesday in a press conference after the FOMC meeting.

"Changes to government policies continue to evolve, and their effects on the economy remain uncertain," Powell said. "Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen."

In economic news, gross domestic product rose 3% in the advance estimate for Q2, above the 2.6% increase expected in a survey compiled by Bloomberg, and followed a 0.5% decline in Q1, the Bureau of Economic Analysis said Wednesday.

Private employment rose by 104,000 jobs in July, ADP's data showed. The consensus was for an increase of 76,000 in a Bloomberg compilation. Job losses stood at 23,000 in June, revised lower from ADP's initial estimate for a 33,000 decline.

In company news, Generac ( GNRC ) was the top gainer on the S&P 500, up 19%. The company posted better-than-expected Q2 financial results while narrowing its fiscal 2025 net sales growth guidance.

Teradyne ( TER ) shares were up 18%, the second-top gainer on the S&P 500. The company's Q2 non-GAAP earnings and revenue late Tuesday fell year over year but came in slightly above analysts' estimates.

IDEX ( IEX ) shares sank 11%, the worst S&P 500 performer, after the company lowered its fiscal 2025 guidance for adjusted earnings per share, missing consensus.

Gold increased 0.2% to $3,332 per troy ounce, and silver was down 3.2% to $37.06 per troy ounce.