The S&P 500 slid on Wednesday after the Federal Reserve left interest rates unchanged in its first policy decision of the year, while Nvidia slipped following a strong session. The broad market index fell 0.47% to close at 6,039.31, while the Nasdaq Composite lost 0.51% to end at 19,632.32. The Dow Jones Industrial Average shed 136.83 points, or 0.31%, to 44,713.52.

The Fed left the federal funds rate in a range of 4.25% to 4.50%. The Fed’s postmeeting statement offered a more cautious view toward sticky inflation, providing investors with an explanation behind Wednesday’s interest rate pause.

Big tech earnings after hours.

• Tesla reported disappointing results on the top and bottom lines.
• Meta beats on revenue, provides soft guidance.
• Microsoft’s results for the fiscal second quarter exceeded Wall Street consensus. Its shares dropped after the company issued its earnings report, which showed Azure cloud growth slowed from the previous quarter.

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