US stocks mixed after Fed chair's comments

By Ovunc Kutlu

ISTANBUL (AA) - Major stock exchanges in the US were in mixed on Tuesday after the Federal Reserve Chair Jerome Powell said the central bank needs more confidence to start loosening its monetary policy.

Powell said the Fed still sees its monetary policy "restrictive," despite the US economy managing to avoid a recession last year. He did not answer whether the Fed would start lowering its benchmark interest rate in September.

"We don't see ourselves getting back to 2% inflation this year, or next year, maybe late next year and the year after," he said at the European Central Bank (ECB) Forum on Central Banking 2024 held in Sintra, Portugal.

The Dow Jones Industrial Average was down 18 points, or 0.05%, to 39,151 at 10.41 a.m. EDT (1441GMT).

The S&P 500, on the other hand, was flat at 5,475 and the Nasdaq increased 18 points, or 0.1%, to 17,898.

The VIX volatility index, also known as the fear index, rose 0.5% to 12.28. The 10-year US Treasury yield shed 0.9% to 4.438%.

The dollar index fell 0.11% to 105.78, while the euro decreased 0.1% to $1.0728 against the greenback.

Precious metals were also mixed, with gold losing 0.3% to $2,324 per ounce but silver adding 0.5% to $29.59.

Oil prices were up around 0.2%, with global benchmark Brent crude at $86.85 and US benchmark West Texas Intermediate at $83.56.