Stocks were lower on Wednesday as investors weighed the latest comments from Federal Reserve Chair Jerome Powell on inflation. The Dow Jones Industrial Average fell over 100 points, while the S&P 500 and Nasdaq Composite dropped 0.5% and 1.2%, respectively.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): -0.52% or -23.02 points to 4,365.69

Dow Jones Industrial Average (DIA  ): -0.30% or -102.35 points to 33,951.52

Nasdaq Composite Index (QQQ  ): -1.21% or -165.10 points to 13,502.20

Driving Wednesday's moves, Powell said before the House Financial Services Committee that "nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year."

"Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go," Powell added in prepared remarks, referencing the Fed's preferred inflation rate of what it defines as a healthy economy.

Those comments come after the conclusion of last week's policy meeting where the central bank paused its rate hiking campaign after 10 consecutive hikes. Investors are looking for clues from Powell on whether a July rate hike will occur, as policymakers have signaled that two more quarter-percentage point hikes are coming this year.

Elsewhere on Wednesday, FedEx (FDX  ) shares fell after the delivery giant issued weaker-than-expected 2024 outlook following a mixed financial report for its most recent quarter. The company expects to earn between $16.50 to $18.50 per share for the full year.

FedEx also said its results for its recent quarter "were negatively affected by continued demand weakness and cost inflation," with these headwinds being in part offset by cost cuts. The company also posted its sixth consecutive decline in Ground delivery volumes, with a 7% decrease in Express unit volumes nad a 3% year-over-year drop in pricing.

Amazon (AMZN  ) shares came under pressure as the Federal Trade Commission (FTC) issued a lawsuit against the e-commerce giant on Wednesday, alleging that it used deceptive design tactics to gain more Prime subscribers and more it harder for consumers to cancel those subscriptions.

The regulator claims Amazon violated the FTC Act and the Restore Online Shoppers' Confidence Act by using so-called dark patterns meant to push consumers to sign-up for Prime membership.

"Amazon tricked and trapped people into recurring subscriptions without their consent, not only frustrating users but also costing them significant money," FTC Chair Lina Khan said in a statement.

Barclays analyst Dan Levy said in a note to clients on Wednesday that it may be time to take the profits from Tesla's recent rally instead of remaining bullish on the electric carmaker.

"We believe the stock's recent rally can be best explained by the market's current AI-driven thematic trade, as well as excitement over recent announcements to open the TSLA Supercharger network to other brands," Levy wrote. "Yet while we aren't surprised that the stock has participated in the rally, we believe it is prudent to move to the sidelines."

Looking ahead, market participants will continue to tune in to Powell's comments before Congress on Thursday, as well as more housing and labor market data due out in the morning.