Stocks fell on Wednesday after Federal Reserve Chair Jerome Powell indicated that officials likely will not begin cutting rates at the central bank's next policy meeting in March.
The Dow closed 318 points, or 0.8%, lower. The S&P 500 fell 1.6% and the Nasdaq Composite fell 2.2%.
Financial markets currently see about a 34% chance that the Federal Reserve will lower rates at its March meeting, according to the CME FedWatch tool. That's down from more than 73% just a month ago.
Meanwhile, the 10-year US Treasury yield fell 0.1% to around 4% following the Federal Reserve's announcement.
Tech stocks also pulled the market lower on Wednesday. Shares of Google parent Alphabet and Microsoft fell 7.4% and 2.7% respectively. Both companies beat analyst expectations for fourth-quarter earnings, but failed to impress Wall Street with a big enough beat.
The tech giants also dragged the rest of the sector along with them.
Apple shares fell 1.9%, Meta shares fell 2.5%, Amazon shares fell 2.4% and Nvidia shares fell 2%.
Apple and Meta will report earnings later this week.
In corporate news, shares of aerospace giant Boeing rose 5.3% after the company beat earnings expectations.
Boeing did not give the financial guidance it normally provides to investors, nor did it say when it might provide two new versions of the 737 Max that it promised to airlines but that have not yet been certified by the Federal Aviation Administration.
This is the busiest week for results, with more than 100 companies (or about 40% of the index results) scheduled to report. Investors are also anticipating the closely watched January jobs report, due out Friday morning.
