04:51 PM EDT, 10/29/2025 (MT Newswires) -- US equity indexes gave up most gains at the close on Wednesday after Federal Reserve Chair Jerome Powell said an interest rate cut in December is "not a foregone conclusion," sending the odds of further policy easing at the next meeting sharply lower.

The Nasdaq Composite rose 0.6% to 23,958.47, off session highs. The S&P 500 was unchanged at 6,890.59, and the Dow Jones Industrial Average slipped 0.2% to 47,632.00, with both gauges giving up intraday gains. All three mainstream indexes touched new record highs intraday.

Real estate, consumer staples, financials, and materials declined the most, down more than 1.7% each. Technology and communication services led the gainers.

The Federal Open Market Committee lowered interest rates to a range of 3.75% to 4% on Wednesday, as expected, marking a second consecutive quarter-percentage-point cut. Another reduction in December is not guaranteed due to double-sided risks and divergent opinions on the path of monetary policy, Powell said in a press conference after the FOMC meeting.

"In the Committee's discussions at this meeting, there were strongly differing views about how to proceed in December," Powell said. "A further reduction in the policy rate at the December meeting is not a forgone conclusion. Far from it. Policy is not on a preset course."

The probability that the FOMC will cut interest rates by 25 basis points in December decreased to 55% as of late Wednesday, down from 96% a week ago, according to the CME Group's FedWatch Tool.

"Given the US economy has substantially recovered from a dip at the start of the year with third-quarter growth on track for a solid 3% pace, coupled with still-elevated inflation with at least some indications of an acceleration further away from the Committee's 2% target, there appears to be very little justification, let alone a sense of urgency, for the Fed to offer additional policy concessions," a Stifel note said.

Most US Treasury yields rose, with the 10-year yield surging 9.1 basis points to 4.07% and the two-year rate soaring 10.4 basis points to 3.6%.

The CBOE Volatility Index, also known as the fear index, jumped 3.1% to 16.92.

Meanwhile, Nvidia ( NVDA ) reached a record $5 trillion in market capitalization on Wednesday, the highest for any company in history. Shares rose 3%, building on the previous day's momentum amid media reports that President Donald Trump could discuss the firm's Blackwell artificial intelligence chip with his Chinese counterpart, Xi Jinping, during the duo's meeting on Thursday.

Nvidia ( NVDA ) Chief Executive Jensen Huang said Tuesday that orders worth more than $500 billion have been secured for the company's AI chips through the end of 2026.

Further in company news before the market closed on Wednesday, Seagate Technology ( STX ) reported fiscal Q1 non-GAAP earnings and revenue above market expectations. Shares soared 19%, among the leaders on the S&P 500.

Fiserv ( FI ) shares plunged 44% intraday, the worst performer on the S&P 500, after the company reported lower-than-expected Q3 adjusted earnings and revenue, and also cut its 2025 outlook.

West Texas Intermediate crude oil futures climbed 0.4% to $60.38 a barrel.

Gold futures fell 0.8% to $3,952.21 per ounce, giving up all gains. Silver futures were up 0.1% to $47.35, off session highs.