04:11 PM EDT, 06/25/2025 (MT Newswires) -- US benchmark equity indexes were mixed on Wednesday as technology and communication services kept the Nasdaq Composite and S&P 500 close to record highs and as Federal Reserve Chair Jerome Powell hinted at additional rate cuts this year.

* Federal Reserve Chair Jerome Powell said the Trump administration's tariff plans could cause some inflation, but that future trade deals may allow the Fed to consider cutting interest rates.

* Separately, President Trump challenged an early US intelligence report about the effectiveness of US strikes on Iran's nuclear sites last weekend, CNN reported. He also said the US plans to meet with Iran "next week," according to the news report.

* August West Texas Intermediate crude oil closed up $0.87 to settle at $65.23 per barrel, while August Brent crude, the global benchmark, was last seen up $0.85 to $67.99.

* Super Micro Computer ( SMCI ) shares were up 8.8% a day after the chip maker announced plans to issue $2 billion in convertible senior notes.

* Paychex ( PAYX ) shares fell 9.9% after the company's fiscal Q4 revenue came in below analysts' expectations.