The Wall Street ended in the red after the US Federal Reserve decided to unanimously hold rate in the range of 3.5% to 3.75%, while nine out of 18 policymakers signalled a possible rate hike in 2026.
The Dow Jones Industrial Average declined 507.12 points to end at 51,492.55, down 0.98%. The S&P 500 fell 91.25 points to 7,420.10, losing 1.21%, while the Nasdaq Composite dropped 354.69 points to 26,021.66, declining 1.34%.
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The meeting comes after the US President Donald Trump announced a preliminary agreement with Iran to end the conflict in Iran, which would pave the way for the reopening of Strait of Hormuz.
"The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system," FOMC said in a statement issued after the meeting concluded on Wednesday.
Inflation, it said, remains elevated relative to the Committee's 2% goal, in part reflecting supply shocks that have "driven price increases in certain sectors, including energy".
Earlier on Wednesday, when the market opened, seven out of the 11 sectoral indices traded in the red while four traded in the green. The decline was led by the Communication services sector.
Shares of Space Exploration Technologies Corp. took a breather after their two-day rally and fell as much as 3% to $192.5.
Dollar Spot Index was little changed, euro was little changed at $1.1598, British pound fell 0.1% to $1.3407, and the Japanese yen rose 0.1% to 160.20 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.8% to $65,227.95.
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