Nasdaq edges up as more Fed rate hikes in focus

The Dow fell 74.08 points, or 0.22%, to 33,852.66, the S&P 500 lost 1.55 points, or 0.04%, to 4,376.86 and the Nasdaq added 36.08 points, or 0.27%, to 13,591.75. — Reuters

NEW YORK: The Nasdaq managed a small gain on Wednesday with support from megacap stocks while the S&P 500 and the Dow closed lower after US Federal Reserve chair Jerome Powell signalled more rate hikes and said he did not see inflation falling to the central bank's target rate "this year or next year."

At a European Central Bank forum on Wednesday, Powell also said the Fed will likely raise rates further and did not rule out a boost at the next policy meeting scheduled for late July.