US stocks churn amid Fed rate cut uncertainty

U.S. stocks churned between gains and losses, but they ultimately remained near their record levels. The S&P 500 fell 0.1% Wednesday and hung near its record set at the start of the week.

The Dow Jones Industrial Average rose 260 points, or 0.6%, while the Nasdaq composite fell 0.3%. Stocks initially rose and bond yields fell after officials at the Federal Reserve indicated they may cut interest rates several more times by the end of 2026. But they snapped back after Fed Chair Jerome Powell warned not to take the projections as gospel.

Nvidia CEO disappointed by China chip curbs

Chipmaker Nvidia’s CEO said he was disappointed about restrictions on sales to China amid U.S.-China trade and tech tensions. The company faces restrictions on exporting advanced chips to China, crucial for AI development. This week, Beijing regulators accused Nvidia of antitrust breaches.

And a media report on Wednesday said that China’s internet regulator is banning domestic tech companies from buying a specific Nvidia chip model tailored for the local market. CEO Jensen Huang said he plans to discuss the issue with President Trump at a U.K. state banquet. Despite the challenges, Huang remains supportive of both governments as they navigate these geopolitical policies.

Amazon set to raise pay, lower health care costs

Amazon says it’s investing $1 billion to raise wages and lower the cost of health care plans for its U.S. fulfillment and transportation workers. The Seattle-based company said Wednesday that the average pay is increasing to more than $23 per hour. Some of its most tenured employees will see an increase between $1.10 and $1.90 per hour and full-time employees, on average, will see their pay increase by $1,600 per year.

Amazon also said it will lower the cost of its entry health care plan to $5 per week and $5 for co-pays, starting next year. Amazon said that will reduce weekly contributions by 34% and co-pays by 87% for primary care, mental health and most non-specialist visits for employees using the basic plan.

StubHub slips in its

Wall Street trading debut

StubHub received a lackluster reception on Wall Street Wednesday. The ticket marketplace saw its stock fall 2% from its initial public offering price of $23.50 per share on its first day of trading. The company’s shares trade on the New York Stock Exchange under the symbol “STUB.”

StubHub, which is based in New York, said buyers in more than 200 countries and territories used its platform to purchase more than

40 million tickets in 2024.

Engine trouble delays ISS supply delivery

A newly launched supply ship has run into engine trouble that is preventing it from reaching the International Space Station. Northrop Grumman’s capsule rocketed into orbit Sunday from Florida aboard SpaceX. But less than two days later, the capsule’s main engine shut down prematurely while trying to boost its orbit.

The Cygnus capsule was supposed to dock Wednesday. But NASA says everything is on hold while flight controllers consider an alternate plan.

Official warns refugee

convention under threat

The U.N. refugee agency says that governments around the world are increasingly undermining the global convention on refugees and asylum-seekers even threatening its very existence.

The stark warning by the UNHCR came on the 75th anniversary of the U.N. Refugee Convention. The agreement is a 1951 document that defines who refugees are and outlines the responsibilities of countries hosting them. The United States has sought bilateral deals with third countries especially in Africa to deport migrants.