Wall Street Stock Indices are down on Thursday as traders assess the outcome of the U.S. Federal Reserve (Fed) meeting, as well as statements from the regulator’s head, Jerome Powell, trading data show.

Wall ST. index – what’s going on?

The Dow Jones Industrial Average (DJIA) was down 0.59 percent to 3,1958.41 points; the NASDAQ high-tech index was down 0.85 percent to 1,435.63 points; and the S&P 500 broad market index was down 0.75 percent to 3,731.1 points.

The U.S. Federal Reserve raised its benchmark interest rate by 75 basis points Wednesday at the end of its November meeting, to 3.75-4% per year, as most analysts had expected. Powell also said during the press conference that the rate cap would be higher than previously expected.

At the same time, he noted that the Fed is willing to slow the pace of rate hikes at or after its next meeting.

“Powell’s hawkish comments disappointed some and flipped the rally scenario, so don’t be surprised to see more volatility as investors digest the report and await the Fed’s next moves,” Mike Loewengart, managing director of investment strategy at E Trade, told Bloomberg.

Traders are also assessing macro statistics. The U.S. Services Business Activity Index in October fell to its lowest since May 2020 at 54.4% from 56.7% a month earlier.

Earlier, we reported that falling demand for gadgets has caused Apple and Qualcomm to have too many chips.