US equities closed mostly lower on Wednesday after the Federal Reserve left interest rates unchanged at its July meeting, while investors digested a wave of earnings reports. The S&P 500 slipped 0.1%, the Dow fell 171 points, while the Nasdaq edged higher by 0.2%. Powell noted the Fed is still evaluating the inflation impact of Trump’s tariff hikes, tempering expectations for near-term easing. The rate decision was not unanimous, with Fed governors Michelle Bowman and Christopher Waller dissenting in favor of a 25 basis-point cut. Investors also weighed a batch of corporate earnings: Humana, Kraft Heinz, and Visa rose on upbeat results, while Starbucks dropped over 1% despite stronger revenue. Attention turned to after-hours reports from Meta and Microsoft. Meanwhile, trade tensions escalated as President Trump announced a 25% tariff on Indian goods and a 50% tariff on Brazilian imports.