Stocks Lose Ground as Wall Street Reacts to FOMC Statement

Stocks slid after the Federal Reserve held its policy rate at 3.5%–3.75%, a move traders had fully priced in, as Wall Street digested the FOMC statement and prepared for Chair Jerome Powell’s press conference. The Dow led losses (about 0.8%), with the S&P 500 and Nasdaq each down roughly 0.4%, while Treasury yields ticked higher. A dissent from Governor Stephen Miran calling for a quarter-point cut contrasted with several officials opposing an easing bias, keeping markets cautious and raising the prospect of intraday volatility depending on Powell’s remarks.