NEW YORK (AP) — Wall Street fell to its worst loss in since September after Big Tech stocks got burned by the downside of high expectations and the Federal Reserve indicated cuts to interest rates likely aren't imminent.

The S&P 500 lost 1.6% Wednesday. The Nasdaq composite fell 2.2%, and the Dow fell 0.8%.

Alphabet was one of the market's heaviest weights after analysts pointed to some concerning trends in how much it's earning from advertising.

Microsoft fell despite delivering stronger profit and revenue than expected.

Fed Chair Jerome Powell said cuts to rates may be likely this year, but not as soon as traders hoped.