U.S. stocks turned mixed in Wednesday afternoon trading, and one reason may have to do with concerns over the timeline of expected interest-rate cuts from the Federal Reserve. Fed-funds futures traders currently expect rate cutting to begin by October,

The Fed has been hesitant to cut interest rates because of the possibility that Trump's tariffs could worsen inflation.

The U.S. stock market rallied to records after data suggested inflation across the country was a touch better last month than economists expected.