Stocks fell Wednesday after the Federal Reserve raised interest rates, with earlier bullish sentiment impacted by Fed Chair Jerome Powell ruling out cutting interest rates in the near-term due to inflationary pressures. The Dow Jones Industrial Average fell around 270 points, while the S&P 500 and Nasdaq Composite lost about 0.7% and 0.5%, respectively.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): -0.70% or -28.83 points to 4,090.75

Dow Jones Industrial Average (DIA  ): -0.80% or -270.29 points to 33,414.24

Nasdaq Composite Index (QQQ  ): -0.46% or -55.18 points to 12,025.33

The central bank raised interest rates for a tenth time in this tightening cycle, bringing its Fed funds rate to a target range of 5% to 5.25%, or its highest since August 2007.

"In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," the Fed said in a statement.

The Fed also removed a sentence from the previous announcement, signaling a pause in additional rate hikes may"may be appropriate" for the Fed to achieve its 2% inflation goal.

In economic news, private payrolls unexpected rose by 296,000 in April, according to payroll processing firm ADP on Wednesday, well above March's print of 142,000. Job gains were largest in leisure and hospitality and education and health services, while finance and manufacturing sectors both reported losses.

ADP's jobs report is seen as a prelude to the "official" monthly report from the Labor Department due out Friday morning. April's jobs report is expected to decline from March's print of 236,000 to an estimate of 180,000. The unemployment rate is also expected to tick higher to 3.6% from 3.5% in March.

Separately, the Institute for Supply Management's service purchasing managers index ticked higher to 51.9 in April from 51.2 in March, roughly coming in-line with estimates.

"There has been a slight uptick in the rate of growth for the services sector, due mostly to the increase in new orders and ongoing improvements in both capacity and supply logistics," said Anthony Nieves, chair of ISM, in a statement. However, Nieves added that while the majority of respondents were "mostly positive about business condition" some were concerns of "potential headwinds" stemming from inflation and slowing economic growth.

On the earnings front, CVS Health (CVS  ) shares fell Wednesday after the pharmacy giant reduced its 2023 forecast due to costs related to its recent acquisitions of Signify Health and Oak Street Health. The company now expects adjusted earnings for 2023 of $8.50 to $8.70 per share from its previous projection from $8.70 to $8.90 per share.

Starbucks (SBUX  ) shares declined even as the coffee-chain reporting quarterly earnings and revenue that topp expectations. However, shares came under pressure as the company reaffirmed its full fiscal-year outlook despite its same-store sales increasing for the first time since its fiscal Q3 2021.

AMD (AMD  ) shares also fell after the semiconductor giant reported a 9% decline in first-quarter revenue year-over-year and a 65% drop in PC and processor sales. AMD also expects sales of about $5.3 billion in the current quarter, which came in below expectations.

In single-stock news, shares of GSK (GSK  ) rose on Wednesday after the U.S. Food and Drug Administration (FDA) approved its RSV vaccine for use on adults ages 60 and older, marking the first approval of a shot against the respiratory virus.

Eli Lilly (LLY  ) shares rose after clinical trial data released Wednesday showed that its Alzheimer's treatment donanemab significantly slowed the disease's progression, with patients taking the drug 39% less likely to progress to the next stage of the disease.

Meta Platforms (META  ) shares came under pressure after the U.S. Federal Trade Commission (FTC) proposed barring the social media giant from monetizing data from underage after the regulator said Meta violated a 2020 privacy order.

Looking ahead, all eyes will be on Apple's (AAPL  ) earnings report slated for release on Thursday.