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WALL STREET EASES ON POWELL REMARKS AHEAD OF GDP, PCE

The S&P 500, the Nasdaq and the Dow all ended modestly lower on Wednesday after Federal Reserve Chair Jerome Powell curbed rate hike expectations.

The Dow Jones Industrial Average .DJI fell 171.50 points, or 0.37%, to 46,121.28, the S&P 500 .SPX lost 18.95 points, or 0.28%, to 6,637.97 and the Nasdaq Composite .IXIC lost 75.62 points, or 0.33%, to 22,497.86.

Materials .SPLRCM and commercial airlines .SPCOMAIR were among the big percentage losers on the day.

On Tuesday, Powell's remarks appeared aimed for a middle ground, balancing inflation and labor market concerns, promising a cautious approach to the central bank's policy decisions.

Chicago Fed President Austan Goolsbee echoed Powell's note of caution on Wednesday, telling the Financial Times he's "uncomfortable with overly frontloading" rate cuts on economic presumptions.

The Commerce Department delivered a jumbo upside surprise with its new home sales report, which showed sales of newly constructed homes jumping 20.5% to a 3-1/2 year high, contradicting a slew of recent housing data indicating weakness in the sector.

The S&P 1500 Homebuilding index .SPCOMHOME gained 0.6% on the day.

More housing data is expected on Thursday, with the National Association of Realtors' existing home sales report, which is due to share a crowded marquee with weekly jobless claims and Commerce Department data on durable goods, along with its third and final stab at second-quarter GDP.

On Friday, the tireless Commerce Department unveils its hotly-anticipated Personal Consumption Expenditures (PCE) report, which covers everything from consumer spending to inflation.

On the earnings front, Costco COST.O is to headline Thursday's sparse docket.

Here's your closing snapshot:

(Stephen Culp)

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EARLIER ON LIVE MARKETS:

GOVERNMENT FUNDING STANDOFF COULD THREATEN FED'S DATA WINDOW CLICK HERE

WHAT BUYERS STRIKE? FOREIGN BUYERS STEP UP US TREASURY PURCHASES CLICK HERE

NEW HOME SALES SKYROCKET, DEFYING SAGGING HOUSING SECTOR CLICK HERE

LITHIUM STOCKS LIGHT UP AS FOCUS SHIFTS TO DATA CLICK HERE

BAIDU, ALIBABA LEAD CHARGE AS BEIJING’S AI PUSH WINS OVER INVESTORS CLICK HERE

MODERATE TO STRONG DOLLAR SELLING EXPECTED INTO MONTH-, QUARTER-END - BARCLAYS CLICK HERE

INTERNATIONALS VS. DOMESTICS: WATCH THE EURO CLICK HERE

EUROPE OPENS LOWER, POWELL COMMENTS WEIGH CLICK HERE

BEFORE THE BELL: FUTURES DOWN AFTER POWELL'S CAUTIOUS TONE CLICK HERE

'TIS THE SEASON TO BE CHOPPY CLICK HERE