US stock indices reverse lower after a positive opening

US stock indices declined on Thursday after a positive opening amid expectations the Fed will end the current cycle of policy tightening soon.

Yesterday, the Federal Reserve decided to maintain interest rates unchanged at below 5.5%, but said that inflation control is progressing as planned. 

Fed Chair Jerome Powell said it might be appropriate to cut interest rates at the September meeting as policymakers assess new data. 

On trading, Dow Jones fell 1.3%, or 525 points as of 16:38 GMT to 40317, while S&P 500 fell 0.9%, or 49 points to 5473, as NASDAQ gave up 1.3%, or 228 points to 17,371.