Wall Street weakens after Fed hike, Warsh presser

Stocks held more or less steady after the Fed's statement and before Warsh's press conference. But after he started talking the indexes lost some steam.

"There were expectations that you were going to get a rate hike, which we got. The issue from an equities standpoint, and the reason things are weaker is because Chair Warsh was pretty vague with a lack of specifics and a lack of real content in the press conference," said Michael James, managing director of equity sales trading at Rosenblatt Securities in Los Angeles.

"He answered all the questions with the right buzzwords but a lot of it was from a 30,000-foot view. The market wanted to get a better sense of after this rate hike, what should we be expecting going forward," said James. "That's indicative of the increased frustration from a lot of portfolio managers over Chair Warsh's style of communication."