NYSE closes mixed on rate cuts, semiconductor woes

The New York Stock Exchange's three major indexes closed mixed amid concerns that the Federal Reserve's path to a key rate cut was uncertain under U.S. President-elect Trump and perception of short-term overheating.

On the New York Stock Exchange, the Dow Jones 30 Industrial Average closed at 43,958.19, up 47.21 points or 0.11% from the previous session.

The Standard & Poor's 500 closed at 5,985.38, up 1.39 points and 0.02% from the previous session, and the Nasdaq Composite closed at 19,230.73, down 50.67 points and 0.26% from the previous session.

The Philadelphia Semiconductor Index plunged 2% on the prospect of semiconductor trade being hit by tariffs under Trump, reflecting jittery investor sentiment.

In the meantime, Fed figures expressed caution about further rate cuts, saying the risk of inflation management targets being halted has increased, affecting investor sentiment in markets that expected them to cut rates.