On Wednesday, Wall Street's major indices experienced declines, with the Nasdaq leading the way with a 1% loss. The drop came after stronger-than-expected data from the services sector raised concerns that persistent inflation might result in prolonged higher interest rates. The Institute for Supply Management (ISM) reported a rise in its non-manufacturing Purchasing Managers' Index, surpassing expectations. Traders were pricing in a high likelihood of the Federal Reserve keeping interest rates unchanged in September. However, bets on a rate pause in November were around 57%. The Dow Jones Industrial Average fell 0.57%, the S&P 500 dropped 0.70%, and the Nasdaq Composite was down 1.06%. Technology stocks were the biggest decliners, while utilities and energy sectors saw some gains, supported by higher oil prices.