US equity indexes traded mixed as Federal Reserve Chair Jerome Powell reiterated patience in easing policy after President Donald Trump announced punitive tariffs on all aluminum and steel imports.

The Nasdaq Composite fell 0.4% to 19,629.2, with the S&P 500 down 0.2% to 6,057.4 after midday on Tuesday. The Dow Jones Industrial Average rose less than 0.1% to 44,503.5, clawing back all its decline earlier in the session.

Consumer discretionary led the decliners, while materials and energy were among the top gainers intraday.

Federal Reserve Chairman Jerome Powell said Wednesday in prepared remarks to the Senate Banking Committee the Federal Open Market Committee does not need to rush to lower rates, repeating language from other Fed officials over the last week. Powell will appear before the House Financial Services Committee on Wednesday following January's US consumer price inflation data.

On Monday, Trump unveiled a 25% tariff on all steel and aluminum imports into the US, effective March 4, according to a note from Scotiabank Tuesday. Canada and the European Union intend to respond in 'firm' fashion, Derek Holt, head of capital market economics at Scotiabank, said in the note. Shares of Steel Dynamics (STLD), US Steel (X), and Alcoa (AA) were up by at least 1% intraday.

Most US Treasury yields rose intraday, with the 10-year up four basis points to 4.54% and the two-year climbed three basis points to 4.30%.

In earnings news, Fidelity National Information Services (FIS) Q4 revenue missed the average analyst estimate compiled by FactSet, and its outlook for sales for Q1 and the full year 2025 also lagged market expectations. Shares plunged nearly 16% intraday, the worst performer on the S&P 500.

West Texas Intermediate crude oil futures jumped 1.2% to $73.16 a barrel.