Finance

In his first press conference as Federal Reserve Chairman, Kevin Warsh emphasized a commitment to transparent communication and a "new chapter" in economic oversight. While Warsh himself did not offer a personal interest rate forecast, the market reacted negatively to the committee's updated "dot plot," resulting in the worst performance for the S&P 500 on a new chair's first policy day since 1994.

Robinhood Markets saw its stock price surge nearly 9% on Wednesday despite broader market weakness. The company announced a 10% reduction in its workforce alongside reporting record trading volumes for June across its equity, options, and prediction market segments.

Technology and semiconductor stocks faced significant pressure, with the Nasdaq Composite dropping over 1.3% for its second consecutive day of losses. The Information Technology sector was one of the worst-performing groups, contrasting with the Financials sector, which managed modest gains during the session.