U.S. stocks were down in afternoon trading on Wednesday, paring some of the strong gains in the previous session, with tech-focused shares leading the way lower.
Among the day's Federal Reserve speakers, Fed Governor Christopher Waller saidpoised to continue slowing this year but the U.S. central bank's battle to reach its 2% target "might be a long fight" with monetary policy kept tighter for longer than anticipated.
Stocks rallied on Tuesday following Fed Chair Jerome Powell's session before the Economic Club of Washington, where he said interest rates might need to move higher than expected if the U.S. economy remained strong, but said he felt a process of "disinflation" is under way. Investors have been concerned about how aggressive the Fed's actions may be this year following Friday's surprisingly strong U.S. jobs report.
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