Risks to the U.S. stock market are piling up as cracks emerge in the technology trade and the path for interest rates is clouded by persistent inflation worries that are being exacerbated by the potential for looming tariffs.

U.S. stock indexes slipped Wednesday after the Federal Reserve opted not to cut interest rates for the first time since it began trying to help the economy through easier rates in September. The S&P 500 fell 0.