The three major US stock indices closed lower on that particular trading day. The S&P 500 index fell by 0.96%, the NASDAQ index fell by 1.18%, and the DOW index fell by 0.94%. The losses were broad-based, with all 11 sectors of the S&P 500 index closing in the red. The technology sector was the hardest hit, with the NASDAQ index falling by more than 1%. The losses came amid concerns about the Federal Reserve's plans to raise interest rates. The Fed is expected to raise rates by 50 basis points at its next meeting in May. Higher interest rates can make it more expensive for businesses to borrow money, which can slow economic growth. Despite the losses, the US stock market remains near record highs. The S&P 500 index is still up by more than 10% year-to-date.