U.S. stocks Wednesday mixed as an afternoon rally, spurred by Fed Chair Jerome Powell's assessment that more rate hikes were "unlikely," fizzled.

The Dow Jones continues to struggle with the 38,000.00 handle, kicking Wednesday off with a dip to 37,708.46 before recovering into the previous day’s closing bids. The major equity index continues to trade into the low side, eating away at chart paper as the Dow Jones heads back towards the 200-day Exponential Moving Average (EMA) at 36,780.70.

U.S. stocks were mixed after the close on Wednesday, as gains in the Utilities, Basic Materials and Healthcare sectors led shares higher while losses in the Oil & Gas, Technology and Consumer Goods sectors led shares lower.

US stock markets made a modest rebound on Wednesday as the Federal Reserve kept interest rates unchanged and left open the possibility of a rate cut later in the year

The Dow Jones faces a technical rejection from the 200-hour Exponential Moving Average (EMA) at 38,337.24. Downside pressures are clear until the last near-term swing low into 37,750.00, while the index remains down 1.3% from last week’s peak bids near 38,550.00.