Stocks slip, metals drop on Fed decision

U.S. stocks fell, while Treasuries and the dollar were mixed as investors assessed the impact of the Federal Reserve’s signal it intends to raise rates again this year. Gold tumbled and emerging-market assets slumped.

The S&P 500 index retreated for the first time in five days, with technology shares leading declines as Apple’s selloff resumed. The dollar was little changed after rallying Wednesday, while Treasuries pared gains after a 10-year note auction. West Texas crude declined.

U.S. equity markets continued to churn in one of the tightest ranges in history, with investors reluctant to add to bets that have pushed benchmark indexes to records. While the Fed’s decision boosted the dollar and Treasury yields, those moves faltered Thursday as investors looked past the prospects for a December rate hike to discount the likelihood that further increases will come in 2018 as inflation remains tepid.

Markets have also kept an eye on tensions over North Korea, with Donald Trump Thursday ordering new sanctions on individuals, companies and banks doing business with the country. Reaction to China’s credit downgrade by S&P Global Ratings was muted during U.S. hours, though base metals continued declines.

The Standard & Poor’s 500 index slipped 7 points, or 0.3 percent, to 2,500. The Dow Jones industrials fell 53 points, or 0.2 percent, to 22,359. The Nasdaq composite lost 33 points, or 0.5 percent, to 6,422.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.28 percent.

Supermarket operators and other consumer-focused stocks also fell. Kroger slid 2.8 percent. “Harry Potter” publisher Scholastic sank 7 percent after reporting a disappointing quarter.

Industrial companies and banks led the gainers. General Electric rose 1.8 percent.