U.S. stocks were lower on Wednesday as investors took a breather from last week's market rally, and weighed Federal Reserve Chair Jerome Powell's latest comments on inflation.
The Dow Jones Industrials handed back 126.65 points to commence Wednesday at 33,927.22.
The S&P 500 subtracted 21.94 points to 4,366.77.
The NASDAQ index retreated 114.44 points to 13,552.85.
FedEx shares fell 2.4% after the shipping giant posted weaker-than-expected revenue for its most recent quarter. Winnebago shares slid more than 5% after the motorhome maker missed third-quarter revenue estimates.
Powell said Wednesday that more rate hikes are likely ahead as the central bank tries to combat inflation. Those comments come after the conclusion of last week's meeting when the central bank held off from raising rates after 10 straight consecutive hikes. However, officials indicated there could be two more quarter-percentage point moves on the horizon this year.
Prices for the 10-year Treasury lost ground, raising yields to 3.78% from Tuesday's 3.73%. Treasury prices and yields move in opposite directions.
Oil prices gained 74 cents to $71.93 U.S. a barrel.
Gold prices dulled $10.50 to $1,937.20 U.S. an ounce.