The Dow Jones Industrials regressed 35.21 points to 38,712.21.
The much broader index held onto gains of 45.69 points to 5,421.01, a fresh record.
The NASDAQ leaped 264.89 points, or 1.5%, to 17,608.44, also a new high.
More than two out of every three names in the 30-stock Dow are tracking to end in the red, while the index as a whole is trading around flat. Salesforce, Nike and Chevron led the average lower with declines of more than 2% each.
Just seven names were able to break from the pack. Apple was the big outperformer within the average, helping buoy the index with a rally of more than 6%
The Fed kept interest rates unchanged, as was widely expected. The central bank also indicated progress has been made on the inflation front, noting: “In recent months, there has been modest further progress toward the Committee’s 2 percent inflation objective.”
However, the Fed’s latest projections, also released Wednesday, showed the central bank only sees one rate cut taking place this year. That’s down from three expected at the start of 2024.
The consumer price index was unchanged for the month of May, lower than the Dow Jones estimate for a 0.1% monthly increase. Year over year, the inflation yardstick increased 3.3%, which also came in below expectations and represented a slowing from the prior 3.4% pace.
Monthly and yearly numbers for core CPI, which excludes the volatile prices associated with energy and food, were also lower than anticipated.
Prices for the 10-year Treasury scored big gains, lowering yields to 4.33% from Tuesday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices took on 49 cents to $78.37 U.S. a barrel.
Gold prices were positive $9.20 to $2,335.80