Stocks slide as Fed signals it's not done hiking rates, Nasdaq falls 1.5%

(CNBC) -- Stocks retreated on Wednesday after the Federal Reserve said it would leave interest rates unchanged but indicated another hike on the horizon.

The S&P 500 dropped 0.94% to 4,402.20. The Nasdaq Composite slid 1.53% to 13,469.13, weighed on by a drop of more than 2% in Microsoft and roughly 3% declines in Nvidia and Google-parent Alphabet. The Dow Jones Industrial Average lost 76.85 points, or 0.22%, to 34,440.88.

The three major indexes closed at session lows.

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