02:40 PM EDT, 06/25/2025 (MT Newswires) -- US benchmark equity indexes were mixed intraday as markets parsed latest remarks by Federal Reserve officials, including by Chair Jerome Powell.

The Dow Jones Industrial Average was down 0.4% at 42,903.2 after midday Wednesday, while the S&P 500 dropped 0.1% to 6,087.5. The Nasdaq Composite rose 0.2% to 19,946. Barring technology and communication services, all sectors were in the red, led by real estate.

Powell told the Senate Committee on Banking, Housing and Urban Affairs on Wednesday that there will be "some inflation" from tariffs in the coming months, the Associated Press reported. The levies are expected to cost hundreds of billions of dollars annually, and "some of that is going to fall on the consumer," Powell reportedly said. "We're just kind of waiting to see more data on that."

On Tuesday, Powell said in prepared remarks to the House Committee on Financial Services that the Fed can continue to wait and evaluate how the US economy responds to policy changes before it adjusts its monetary policy.

Boston Fed President Susan Collins said Wednesday that she sees the current monetary policy stance as "modestly restrictive," though she's leaning toward a potential rate cut later in 2025.

"While I continue to expect it will be appropriate to resume gradual policy normalization later this year, my outlook could change significantly as events unfold, and the economic impact of changes in various government policies comes into sharper focus," Collins said. "Much will depend on whether the 'price shock' from tariffs dissipates quickly, without derailing inflation expectations, and on whether the associated slowdown in real activity is limited."

US Treasury yields were higher intraday, with the 10-year rate rising 1.9 basis points to 4.31% and the two-year rate gaining 1.7 basis points to 3.80%.

In company news, Tesla (TSLA) was among the worst performers on the S&P 500, down 4.4%. The electric vehicle maker's new car sales in Europe dropped nearly 28% year over year in May, data from the European Automobile Manufacturers Association showed.

Paychex's ( PAYX ) fiscal fourth-quarter revenue missed analysts' estimates. The human resources, payroll and benefits management services provider's shares were down 8.8%, the steepest decline on the S&P 500.

Chipmaking giant Nvidia ( NVDA ) was the top gainer on the Dow and among the best on the S&P 500, up 3.9%.

West Texas Intermediate crude oil was up 1.4% at $65.29 a barrel intraday.

"Oil prices climbed, buoyed by signs of solid US demand and ongoing relief around geopolitical stability," D.A. Davidson said in a client note. The US recently brokered a ceasefire between Israel and Iran.

In economic news, new home sales in the US fell more than projected in May as prices increased, government data showed.

Mortgage applications in the US rebounded last week due to a rise in refinancing of Federal Housing Administration loans, even though interest rates increased, the Mortgage Bankers Association said.

Gold was up 0.2% at $3,340.3 per troy ounce, while silver rose 1.1% to $36.11 per ounce.