The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
With the Federal Reserve deciding not to cut interest rates but leaving the door open for future cuts, experts are split on what comes next.Trading Nationread more
The stock market could suffer further declines should one of three major things happen Thursday, veteran trader Art Cashin told CNBC.
Perhaps Wall Street's biggest concern, though, is whether a jump in labor costs will force the Federal Reserve to hike interest rates sooner rather than later, the director of floor operations at the NYSE for UBS said on "Squawk on the Street. "
The Labor Department reported U.S. labor costs rose the most in nearly six years in the second quarter, with the Employment Cost Index, or ECI, climbing 0.7 percent. That was the biggest jump since the third quarter of 2008.
Read MoreUS labor costs jump
"Immediately that started 'the Fed's behind the curve' talk again and we took the yield on the 10-year dangerously close to 2.6 [percent]," Cashin said.
"The great thing to worry about here is if it begins to look like the Fed has lost control," he said.
A second headwind for the markets is Argentina's credit default, Cashin said. The default, Argentina's second in 12 years, will raise the country's borrowing costs, add to pressure on the peso, drain dwindling foreign reserves and fuel one of the world's highest inflation rates.
Thankfully, Cashin said, "that feeling of contagion hasn't really spun out quite yet."
Finally, Cashin recommended investor pay special attention to the technicals. To Cashin, "the critical area" for the S&P 500 index is the 1,950 to 1,953 range.
"If they don't hold 1,950, it's going to be a bit of a problem," he said.
—By CNBC's Drew Sandholm, with Reuters.