US stocks finished mixed on Wednesday after Fed Chair Jerome Powell warned a December rate cut is not a foregone conclusion. The S&P 500 closed up 0.2% and the Nasdaq gained 1% with both setting fresh records, while the Dow slipped about 30 points from its record high. Markets initially rallied on the Fed’s 25bps cut and the decision to end balance sheet runoff in December, but Powell’s caveat pushed yields higher and trimmed the advance. Mega cap tech led the move, Nvidia rose 3.6% and briefly crossed a $5 trillion market cap after reports President Trump may allow Blackwell chip exports to China, while Broadcom, AMD and Micron each climbed more than 2%. Cyclical and defensive pockets lagged, with consumer defensive stocks and healthcare under pressure. Company specific earnings provided offsetting support, as Caterpillar, Verizon, CVS Health and Fiserv jumped on strong results, and Microsoft, Alphabet and Meta were set to report after the bell.