By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- After trading in a tight range for most of the session, U.S. stocks moved decidedly lower following the Federal Reserve's decision to end the last leg of it its bond-buying program.

While the end of QE was widely anticipated, investors were surprised with the Fed's upbeat view on the labor market. For the first time, the Fed explicitly said it could raise interest rates sooner than markets expects if the economy grows faster than the bank projects. The Fed's view implies the U.S. economy is on firm footing but the market's had hoped for more signs that a low-rate policy would be maintained for an extended period.

The S&P 500 dipped lower (SPX), with most of the benchmark's components trading lower. The Nasdaq Composite Index, which was already under pressure from Internet stocks (RIXF) sank further. Meanwhile, the Dow industrials (DJI) made a sharp move south.

In the wake of the Fed announcement, 10-year Treasury note yield extended gains, up 5 basis points to 2.35%. The dollar strengthened against the Japanese yen to Yen108.8, while gold futures dropped about 1%.

Tech stocks under pressure: Tech stocks were not shaping up for a repeat of Tuesday's gains. In large part, Facebook is to blame. The social-media giant issued a warning about increased expenses, which overshadowed better-than-expected earnings. Although results in the past year have been impressive and hard to beat, tougher comparisons and higher spending are on investors' minds, said Pacific Crest Securities' analyst Evan Wilson, in a note. Facebook's stock selloff weighing on tech-sector tracker

Facebook Inc. joins Twitter Inc. (TWTR) in dealing with what's been a tough week for some Internet stocks. Twitter fell nearly 10% on Tuesday after the social-media company's results showed slowing growth in new users and analysts downgraded the stock. Read: Facebook user growth may be slowing too

More stocks to watch: Hershey Co.(HSY)(HSY) shares fell as the chocolate maker missed profit expectations and cut its outlook.

WellPoint Inc.(WLP) shares rose after it posted adjusted earnings that beat forecasts.

Goodyear Tire & Rubber Co.(GT) stock rallied after the tire maker reported third-quarter profit that was well above expectations.

U.S. Steel Corp. (X) shares jumped after posting a narrower-than-expected loss and higher revenue late Tuesday.

InvenSense Inc.(INVN) shares slid after the micro-electro-mechnical systems designer posted second-quarter results that fell short of market expectations. Pacific Crest downgraded shares to sector perform from underperform.

Orbital Sciences(ORB) slumped after one of the company's rockets exploded soon after lift off. On Sunday, Orbital announced it was launching an Antares rocket with a Cygnus logistics spacecraft to the International Space Station. Here's the dramatic footage.

Electronic Arts Inc.(EA) rallied after second-quarter results topped Wall Street forecasts and the video-game publisher raised its outlook. See Movers & Shakers for more on individual stocks.

Other markets: European stocks rose slightly, while Asian markets took a cue from Wall Street's strong gains on Tuesday and powered ahead. Gold(GCZ4) inched down while the dollar(DXY) was steady. Oil(CLZ4) logged moderate gains.

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