The S&P 500 SPX, -0.38% declined 2.43 points, or 0.1%, to 2,437.92, with five of the 11 main sectors finishing lower.
The Fed hiked the fed-funds rate by a quarter-point to between 1% and 1.25%.
Earlier in the session, disappointing readings on inflation and retail sales for May sparked a so-called flight to safety, pushing bond yields and the dollar sharply lower.
On the economic data front, the consumer-price index, or cost of living, fell by a seasonally adjusted 0.1% in May, largely thanks to lower gasoline prices, which also depressed retails sales last month.
The jump came amid news that Tesla’s Model X SUV snagged a five-star safety rating, and as billionaire investor and Tesla bull Ron Baron said the stock could rise by more than 50% by 2018.