By Saqib Iqbal Ahmed, Suzanne McGee and Lewis Krauskopf NEW YORK (Reuters) - 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.

S&P 500 E-Mini futures (ESH25) are up +0.10%, andMarch Nasdaq 100 E-Mini futures (NQH25) are up +0.35% this morning as market participants braced for the Federal Reserve’s interest rate decision and U.

The SP 500 closed higher Tuesday as tech stocks rebounded, shifting investor focus to the Federal Reserves policy decision. The Dow Jones rose 136 points (0.3%), while the SP 500 gained 0.9%, and the Nasdaq surged 2%.

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.

Policymakers left their benchmark rate unchanged amid signs that the economy is humming along, defying the president’s tradition-bucking pressure on the central bank.

The Federal Reserve left interest rates unchanged on Wednesday, as the central bank turned cautious on further cuts amid a strong economy and uncertainty about inflation. The central bank’s decision to pause at its first meeting of 2025 followed a series of cuts that began in September to account for progress already made on getting inflation down.