The Nasdaq and other major indices declined following the Federal Reserve’s first meeting of the year, with the tech-heavy index falling 1.1% by the afternoon as investors digested the central bank’s cautious stance on interest rates.

U.S. stocks slipped after the Federal Reserve held its main interest rate steady and broke a run of cuts that began in September

U.S. stock indexes are holding steadier, ahead of the Federal Reserve’s upcoming decision on interest rates and after two days of disruption driven by doubts about the artificial-intelligence boom. The S&P 500 edged down by 0.