Wall Street flat as banks fall after weak data; Fed eyed

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The Nasdaq is up 12.45 points, or 0.2 percent.

U.S. stocks fell on Wednesday after the Federal Reserve raised interest rates for the second time in three months, as the tech sell-off returned and weaker oil prices weighed on the energy shares.

The Fed cited continued U.S. economic growth and job market strength, proceeding with its first tightening cycle in more than a decade.

The S&P 500 technology sector .SPLRCT dropped 1.21 percent, led by declines in index heavyweights such as Apple AAPL.O , Microsoft MSFT.O and Facebook FB.O .

For the day, the Dow Jones Industrial Average closed at 21,359.90 for a loss of 14.66 points or 0.07%.

A report showed US retail sales recorded their biggest drop in more than a year in May amid declining purchases of motor vehicles and discretionary spending. "Hence, the tech sector is selling off on concerns that today's Fed hike will slow GDP, retarding future tech profit growth".

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Investors will also be looking for any details on the Fed's plans to trim its $4.5 trillion balance sheet.

Aldeyra Therapeutics (ALDX.O) dropped 18.6 percent to $4.15 after the company said it failed to meet a goal in its conjunctivitis trial.

The data also pressured the dollar index, which fell to its lowest since November 9.

The previous reading indicated inflation rose 0.2 percent month over month; it is expected that Wednesday's figure will show no change from the previous month. "Certainly more transparency is a good thing".

Declining issues outnumbered advancing ones on the NYSE by a 1.13-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favored decliners.

USA stocks closed mostly lower on Wednesday after the Federal Reserve raised its key interest rate by a quarter of a percentage point while signaling at least one more rate hike later this year.

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