Dow Jones closes lower amid monetary policy uncertainty

US stocks diverged at the end of trading on Oct. 29, after hitting record highs at the start of the session, amid uncertainty surrounding monetary policy prospects following the Federal Reserve Chair's doubts about the possibility of further interest rate cuts.

The Dow Jones Industrial Average fell 0.16%, or 74 points, to 47,632 points.

The broader S&P 500 index was flat at 6,890 points after surpassing 6,900 for the first time ever.

Meanwhile, the Nasdaq Composite gained 0.55%, or 130 points, to close at 23,958 points, supported by a more than 3% rise in Nvidia’s share price to USD 207.16.

In Europe, the Stoxx Europe 600 index remained stable at 575 points, weighed by a 10.39% drop in Adidas shares to EUR 165.25.

Germany’s DAX fell 0.64% to 24,124 points, while France’s CAC 40 slipped 0.19% to 8,200 points. The UK’s FTSE 100, however, advanced 0.61% to 9,756 points, marking a record close.

In Japan, the Nikkei 225 jumped 2.15% to 51,307 points, breaking above the 51,000 mark for the first time ever, while the broader Topix index declined 0.25% to 3,278 points.

Oil prices advanced, with Brent crude for December delivery rising 0.81%, or 52 cents, to USD 64.92 per barrel.

US WTI crude for December delivery gained 0.55%, or 33 cents, to USD 60.48 per barrel.

Gold futures for December delivery increased 0.44%, or USD 17.6, to USD 4,000.70 per ounce.

The Federal Reserve cut its benchmark interest rate by 25 basis points (bps) in today’s policy meeting, citing softening employment alongside moderate economic expansion. However, Jerome Powell said in a press conference after the meeting that another rate cut is not a foregone conclusion.