1. The U.S. stock market declined on Wednesday, ending a three-day rally, as investors weighed Fed Chair Powell's remarks and awaited clearer market direction; 2. Mixed signals persist, with optimism in certain sectors offset by broader caution, while Goldman Sachs notes the S&P 500 is near fair value with earnings growth expected to drive future gains; 3. Elevated valuations across most S&P 500 sectors reflect optimism about earnings and macroeconomic stability but raise risks of a pullback if growth underperforms.