(CNBC) — Stocks dropped on Wednesday as Federal Reserve Chair Jerome Powell dampened hopes for further rate cuts later this year.
The Dow Jones Industrial Average closed 333.75 points lower, or 1.2% at 26,864.27 after falling as much as 478 points at one point. The S&P 500 slid 1.1% to close at 2,980.38. The Nasdaq Composite fell 1.2% to 8,175.42. The Dow logged in its biggest one-day decline since May 31 along with the S&P 500.