The Federal Open Market Committee concluded its two-day monetary policy meeting with a unanimous decision to leave the Fed’s target rate at the current range of 5.25% to 5.50%.

U.S. indices closed mixed on Wednesday after the U.S. Federal Reserve left its key interest rate unchanged, as expected, but indicated that its next move is likely to be rate cuts.

The Federal Open Market Committee (FOMC) concluded its two-day monetary policy meeting with a unanimous decision to leave the Fed’s target rate at the current range of 5.25%-5.50 percent.

In the subsequent press conference, Federal Reserve Chairman Jerome Powell suggested that while the central bank remains focused on bringing inflation back to its 2 percent target, he noted progress toward that goal and dismissed the idea of an imminent rate hike.

The S&P 500 lost 17.30 points, or 0.34 percent, to 5,018.39 units; the Dow Jones Industrial Average rose 87.37 points, 0.23 percent, to 37,903.29 units; and the Nasdaq Composite fell 52.34 points, or 0.33 percent, to 15,605.48 units.

The first-quarter earnings reporting season has quickly passed its midpoint: 310 of the companies in the S&P 500 index have reported. Of these, 77 percent reported earnings that exceeded the average, according to LSEG data.

Among individual companies, Advanced Micro Devices fell after its disappointing artificial intelligence chip sales forecast, while Super Micro Computer also saw a decline following the company’s quarterly revenue loss.

Amazon advanced on better-than-expected quarterly results, as interest in artificial intelligence helped drive cloud computing growth.