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The major indexes shrugged off solid early losses, but later gave up decent gains to close slightly lower. Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures. Powell reaffirmed the central bank is "strongly committed" to fighting inflation aggressively.

Bristol Myers Squibb (BMY), UnitedHealth (UNH), Eli Lilly (LLY), Vertex Pharmaceuticals (VRTX) and Harmony Biosciences (HRMY) are in or near buy areas. Tesla stock edged back below a key level after surging Tuesday.

Dow Jones futures were flat vs. fair value, swinging between slim gains and modest losses. S&P 500 futures and Nasdaq 100 futures edged lower. Crude oil prices fell 2%. Bristol Myers Squibb was Wednesday's IBD Stock Of The Day.

Powell said the U.S. is "well positioned" to handle tighter Fed policy. But he also said that an economic soft landing is "significantly more challenging" now. The Dow Jones Industrial Average fell 0.15% in Wednesday's stock market trading. The S&P 500 index dipped 0.1%.
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