Nasdaq 100 and S&P500: US Indices Slip Today as Fed Pushes Back on Rate Cut Forecasts

• The S&P 500 fell 0.14% to 6,955.07 and Nasdaq Composite dropped 0.28% to 23,173.86, reversing earlier gains after Fed officials indicated no further rate cuts may be needed unless inflation falls or the labor market weakens significantly.
• Sector leadership shifted dramatically with Utilities (+1.83%) and Real Estate (+1.30%) leading gains while Financials fell 1.29%, the worst performer of the session.
• The Nasdaq 100 failed to break above its 50-day moving average at 25,651.50, creating technical vulnerability toward the 24,843.50 support level, while the S&P 500 faces potential reversal toward its 50-day MA at 6,937.25.

Market Summary: U.S. Indices Decline on Fed Rate Cut Pushback

Key Developments

U.S. stock indices reversed course on February 10, 2026, closing mostly lower after Federal Reserve officials suggested interest rates may already be at neutral levels. At 19:17 GMT, the Dow Jones Industrial Average gained 46.87 points (+0.09%) to 50,182.74, while the S&P 500 fell 9.75 points (-0.14%) to 6,955.07 and the Nasdaq Composite dropped 64.81 points (-0.28%) to 23,173.86.

Fed Officials Signal Pause

Dallas Fed President Lorie Logan indicated rates may not require further adjustment, stating current levels may already be neutral unless inflation falls or the labor market weakens significantly. Cleveland Fed President Beth Hammack echoed this stance, preferring to maintain rates unchanged to assess recent cuts' impact, citing inflation remaining above the Fed's target. These comments preceded upcoming economic data releases including CPI reports.

Sector and Technical Performance

Sector leadership shifted dramatically, with Utilities leading gains at +1.83%, followed by Real Estate (+1.30%) and Materials (+1.13%). Financials underperformed, dropping 1.29%, while Technology reversed from early strength to close down 0.13%.

Individual movers included Datadog (+14.18%), Masco (+9.02%), and Marriott International (+8.53%) on the upside. S&P Global (-9.20%), Raymond James Financial (-9.08%), and Charles Schwab (-8.91%) led decliners.

Technical Outlook

The Nasdaq 100 failed to breach its 50-day moving average at 25,651.50, targeting potential support at 24,843.50. The S&P 500 risks testing its 50-day MA at 6,937.25, with critical support at 6,897.25.