04:34 PM EDT, 06/25/2025 (MT Newswires) -- US benchmark equity indexes closed mixed on Wednesday, after Federal Reserve Chair Jerome Powell hinted at upcoming inflationary pressure due to tariffs.

The Nasdaq was up 0.3% to 19,973.55 while the S&P 500 was unchanged at 6,092.16. The Dow Jones Industrial Average fell 0.3% to 42,982.43. Among sectors, technology led the gainers, and real estate had the steepest decline.

US Treasury yields were mostly lower, with the 10-year and two-year rates little changed at 4.29% and 3.79% respectively.

August West Texas Intermediate crude oil rose 1.2% to $65.17 a barrel on Wednesday.

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, multiple media outlets 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."

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.

In economic news, new home sales in the US fell to 623,000 in May, below the projected 693,000 and down from 722,000 last year, due to an increase in prices, 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.

In company news, Super Micro Computer ( SMCI ) shares were up 8.8%, the top gainer on the S&P 500, a day after the artificial intelligence server maker said it intends to offer $2 billion of convertible senior notes.

Northern Trust ( NTRS ) shares jumped 4.8%. The company appointed Pedro Guazo as head of international and responsible investing.

Chipmaking giant Nvidia ( NVDA ) was the top gainer on the Dow and among the best on the S&P 500, up 4.3%. Advanced Micro Devices ( AMD ) rose 3.6%.

Paychex ( PAYX ) shares were down 9.4%, the steepest decline on the S&P 500, after the company's fiscal fourth-quarter revenue missed analysts' estimates.

Gold increased 0.4% to $3,348.80 per troy ounce, while silver was up 1.5% to $36.60 per troy ounce.