The dollar strengthened Wednesday while Wall Street stocks were mixed after the Federal Reserve indicated its latest interest rate cut might not be repeated in December.

After the US central bank announced a quarter percentage-point interest rate cut that had been expected, Fed Chair Jerome Powell told reporters that another decrease in December “is not a foregone conclusion, far from it.”

The statement jolted US markets, lifting the dollar and pushing all three US equity briefly into the red.

The Nasdaq later recovered, finishing at a fourth straight record behind another gain by artificial intelligence giant Nvidia, which became the first company to reach a $5 trillion market value.

The Dow finished modestly lower while the S&P 500 ended flat.

Oxford Economics characterized Powell a

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