"Wall Street Gains as Yields Ease Ahead of Fed Rate Decision"

Wall Street closed lower after the U.S. Federal Reserve kept interest rates unchanged and warned that the battle against inflation was far from over. The announcement led to a retreat in all three major U.S. stock indexes, with interest rate sensitive megacap stocks like Microsoft, Apple, and Nvidia pulling the Nasdaq down the most. The Fed's economic projections included an additional rate hike this year and projected rate cuts next year. Despite the volatility, market participants viewed the Fed's announcement as expected, and the focus now shifts to the future path of interest rates.