The U.S. stock market ended Wednesday in a broad selloff, with all three major indices posting declines. The S&P 500 fell 1.52% to 7,316.15, the Nasdaq Composite dropped 1.74% to 24,442.94, and the Dow Jones Industrial Average lost 2.19% to 51,594.14. The selloff followed the Federal Reserve's decision to hold interest rates steady for the fifth consecutive meeting, a move that was widely expected but still sent markets into a brief period of volatility. The Fed's cautious stance on rates, amid lingering inflation concerns, appeared to weigh on investor sentiment, particularly in the technology sector, where chip stocks were notable decliners.

The market's reaction to the Fed's decision was mixed, with some sectors and individual stocks performing better than others. Oil-related stocks benefited from a retreat in oil prices, while memory chip maker Sandisk saw a significant 11% drop. Meanwhile, the market continued to grapple with concerns over artificial intelligence, with investors weighing potential benefits of AI advancements against the risks they pose. The overall tone was one of caution, with investors seemingly hesitant to take on too much risk amid the uncertain economic outlook.