Major U.S. stock indexes tumbled as the Federal Reserve concluded its final monetary policy meeting of the year. The central bank cut interest rates by a quarter of a percentage point as expected, but policymakers indicated that persistent inflation in 2025 could require a more dovish approach.

After trading higher for most of the day, the S&P 500 changed course after the rate cut announcement and when Fed Chairman Jerome Powell addressed the press, it ended with a 3% loss for the day. The Dow ended the session down 2.6%, extending its streak of negative days to double digits for the first time in four decades. The Nasdaq fell 3.6% as worries about the interest rate outlook weighed on the technology sector.

Shares of human resources provider Paycom Software (PAYC) fell 10.1% on Wednesday, the most ever in the S&P 500. Concerns about cannibalization have weighed on Paycom shares over the past year as the efficiency of its automated payroll solution Beti has reportedly affected demand for other products and services. Although analysts at Mizuho and Stifel recently raised their price targets on Paycom stock, both companies’ forecasts remain below the current share price.

Shares of Tesla (TSLA) fell 8.3%, falling from record highs set in recent sessions amid upgrades from several research firms. Analysts are predicting tailwinds for the electric vehicle maker’s autonomous driving and artificial intelligence initiatives under the new presidential administration. The stock’s drop on Wednesday followed reports that Tesla CEO Elon Musk and his SpaceX company were the subject of federal reviews related to national security concerns.

Shares of BXP (BXP), a real estate investment trust (REIT) focused on prime office properties, fell 7.6%. While the company’s metrics for its East Coast and central business district markets have improved, underperformance in its West Coast and suburban markets has persisted, pointing to an uneven recovery in office properties that poses a challenge for REITs geographically different workplace real estate represents portfolios.

After a series of gains that pushed the semiconductor maker past the $1 trillion market cap mark, shares of Broadcom (AVGO) fell for the second straight day, losing 6.9%. Although Broadcom’s AI-driven earnings surge and positive outlook encouraged a number of research firms to raise their price targets, the recent rally has pushed the stock price above analysts’ average forecast, suggesting that the stock may be full at current levels is evaluated.

The top performer in the S&P 500 on Wednesday came from shares of circuit board maker Jabil (JBL), which rose 7.3%. Supplier Apple (AAPL) beat revenue and profit forecasts for the first fiscal quarter of 2025 and raised its full-year forecast, suggesting robust demand for its cloud, data center infrastructure and digital commerce products. Jabil announced a restructuring plan earlier this year that included layoffs and other cost-cutting measures as well as a realignment of its production capacity.

Shares of several healthcare companies rallied on Wednesday, recouping some of the heavy losses of recent sessions as political headwinds against the pharmacy benefit management (PBM) business intensified. Although the industry has been the subject of bipartisan criticism and may be forced to change its business model, analysts suggested the growth outlook remains healthy. Cigna (CI) shares rallied 6.3%. Shares of UnitedHealth (UNH), Centene (CNC) and CVS Health (CVS) also regained ground.