(CNBC) -- Stocks fell slightly on Wednesday in choppy trading as markets struggled to sustain a rebound from earlier in the day. Traders also weighed comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank’s stance to fight inflation.
The S&P 500 dipped 0.1%, accelerating losses in the final hour of trading and giving up its earlier gains. The Dow Jones Industrial Average dropped 48 points, or 0.2%. The Nasdaq Composite fell 0.2%.
Advertisement - story continues below
Growing concerns of a recession on Wall Street have recently weighed on stocks. Fed Chair Powell on Wednesday told Congress the central bank has the “resolve” to tame inflation that has surged to 40-year highs.