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 added to losses on Wednesday, with the Nasdaq down more than 1%, after the Federal Reserve held interest rates steady and gave little insight into when further reductions in borrowing costs may take place.

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