The S&P 500 Index closed down 91.25 points, a decrease of 1.21%, at 7420.10 points.

The Dow Jones Industrial Average closed down 507.12 points, a decrease of 0.98%, at 51,492.55 points. The Nasdaq Composite Index closed down 354.688 points, falling 1.35%, at 26,021.656 points. The Nasdaq 100 Index ended with a loss of 297.181 points, down 0.99%, at 29,670.948 points. The Nasdaq Technology Market Cap Weighted Index closed down 0.57% at 2,911.3000 points, stabilizing at a high before the Federal Reserve disclosed the Summary of Economic Projections (SEP), and hitting a new daily high after the press conference of Federal Reserve Chair Waller began. The Philadelphia Semiconductor Index closed up 182.848 points, an increase of 1.38%, at 13,477.072 points. The Philadelphia Stock Exchange KBW Bank Index closed down 0.37% at 180.93 points. The Dow Jones KBW Regional Banking Index closed down 1.80% at 137.43 points. The Russell 2000 Index closed down 0.72% at 2,917.982 points. The Nasdaq Biotechnology Index rose 1.10% to close at 6,018.75 points, approaching the all-time closing high of 6,131.78 points recorded on April 17 and the intraday record high of 6,142.03 points. The S&P MidCap 400 Index closed down 1.24%, while the Nasdaq US Mid Cap Index fell 1.46%. The Volatility Index (VIX) rose 12.31% to 18.43.