The Dow Jones Industrial Average fell more than 1,100 points Wednesday. Earlier in the day, the Federal Reserve lowered its benchmark rate a quarter-point. However, the precipitous drop in stock markets came after Federal Reserve Chairman Jerome Powell’s remarks that the Fed may not slash rates in 2025 as much as had initially been projected. Kelly O’Grady explains.

Luigi Mangione, the man indicted on murder charges in the shooting death of UnitedHealthcare CEO Brian Thompson, is expected to waive extradition back to New York, his lawyer said Wednesday. Mangione is currently in custody in Pennsylvania.

We are learning more about the background of a 15-year-old girl who authorities said opened fire Monday at a Christian school in Madison, Wisconsin, killing two people and wounding six others. Ian Lee reports from Madison.