Wall Street ends sharply lower after Fed keeps rates unchanged

STORY: Wall Street ended sharply lower on Wednesday, with the Dow dropping more than 1.6%, the S&P 500 shedding over 1.3% and the Nasdaq tumbling nearly one-and-a-half percent.The U.S. Federal Reserve held interest rates steady and projected only a single rate cut for the year as officials took stock of economic risks from surging oil prices and the U.S.-Israeli war with Iran.:: FileMeanwhile, Brent crude extended gains and reached near $110 a barrel after an Iranian news agency reported that some facilities belonging to Iran's oil industry were attacked.Anna Rathbun is founder and CEO of Grenadilla Advisory."Stocks are responding to oil prices. [FLASH] So there's a lot of fear and equity markets are down, did not really respond to the Fed pause [on interest rates]. And a lot of that was priced in, but also at this point, it's not a priority for the equity markets. So we're waiting for the war to continue to unfold. President Trump continues to say that it's near, that the end is near, but we don't know what that means. We don't know if that means one day, five days, several weeks. And I think the markets have learned to sort of ignore that phrase, 'the end is near,' and it's taking it one day at a time."Declining stocks in the S&P 500 outnumbered rising ones on Wednesday by a more than five-to-one ratio.Among the few gainers was Lululemon, which jumped nearly 4% after the yoga-wear maker's quarterly results. Founder Chip Wilson, who is in a proxy battle with the company, said lead director David Mussafer's decision to exit the board was "a step in the right direction," and reiterated the need for a "substantial" board refresh.Shares of Macy's also gained, adding more than 4.5% after the department store chain said it expected a comparatively smaller impact from tariffs in the second half of the year and beat quarterly profit estimates.:: AMDAnd shares of AMD rose about 1.5% after the company inked an agreement with Samsung to expand their strategic partnership on memory chip supplies for AI infrastructure.