Market dips after Fed rate hike; tech slumps again

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The S&P 500 is up 201.52 points, or 9 percent. Nike paced the 17 Dow decliners with its 3.2% loss, while General Electric shares led the 13 advancers with its 1.7% gain.

The tech sector fell 0.5 per cent, recovering from steeper losses in the session and coming on the heels of its biggest two-day swoon in almost a year.

"I think it's more of what we saw starting last week, where you have a very crowded trade".

USA stocks were flat in late morning trade on Wednesday as a set of weak economic data weighed on bank shares, while investors waited for the Federal Reserve to pull the trigger on a second interest rate hike this year.

The S&P 500 closed 2.44 points, or 0.1%, lower at 2,437.91 The Nasdaq Composite declined 25.48 points, or 0.4%, to 6,194.89.

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"The kiss of death for tech stocks is negative GDP or a slowdown in the software and equipment component", said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta.

It's the latest depressing data point for active fund managers, who've struggled to reverse a streak of outflows in recent years as investors have eschewed stock-pickers in favor of their passive competitors. "It seems they should be doing the opposite", said Robert Pavlik, chief market strategist at Boston Private Wealth.

Energy shares, which have risen in the past three sessions, were off 0.74 percent.

The Federal Reserve not only announced that it would raise short-term rates, but it also highlighted a plan to begin to reduce its $4.5 trillion asset portfolio. "Certainly more transparency is a good thing". Meanwhile, the yield on the 10-year Treasury note declined 7 basis points to to 2.14%, its lowest level since November. Biogen's stock fell 3.1 per cent.

Declining issues outnumbered advancers on the NYSE by 1,499 to 1,293.

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