US stocks end in red after interest rate cut, Dow Jones sole riser

US stock markets closed lower at the end of Sept. 17 session, despite the Federal Reserve cutting interest rates for the first time this year. Fed Chair Jerome Powell indicated the move was precautionary, citing signs of a slowing labor market and weak consumer spending.

The Dow Jones Industrial Average gained 0.57%, adding 260 points to close at 46,018 points, after hitting a record high of 46,261 points during the session.

The S&P 500 inched down 0.1%, or 6 points, to close at 6,600 points, while the Nasdaq Composite shed 0.33%, or 72 points, to 22,261 points.

The Stoxx Europe 600 index remained flat at 550.63 points, despite a 1.77% decline in the defense and aerospace sector.

Germany’s DAX edged up 0.13% to 23,359 points, London’s FTSE 100 added 0.14% to 9,208 points, while France’s CAC 40 decreased 0.4% to 7,786.

In Japan, the Nikkei 225 lost 0.25% to 44,790 points, while the broader Topix index shed 0.7%, reaching 3,145 points.

In the oil market, the Brent crude futures for November delivery retreated by 0.76%, or $0.52, to $67.95 a barrel.

The US NYMEX crude futures for October delivery decreased 0.73% or $0.47, to $64.05 a barrel.

Gold futures for December fell by 0.2%, or $7.3, to $3,717.8 per ounce.

The Federal Reserve cut interest rates by 25 basis points, as expected, noting that economic activity slowed moderately in the first half of the year, alongside a slowdown in hiring and elevated inflation.