The S&P 500 slipped on Thursday as uncertainty around the U.S. economy continued to weigh on equities, thwarting the market's attempts at recovery from a monthlong rout.

The broad market index pulled back 0.22% to close at 5,662.89. The Nasdaq Composite slid 0.33% to end the day at 17,691.63, weighed down by losses in Apple and Alphabet. The Dow Jones Industrial Average inched down 11.31 points, or 0.03%, and closed at 41,953.32.

Elsewhere, Accenture shares tumbled more than 7% after the consulting firm revealed in its second-quarter earnings call that its federal services business has lost contracts with the federal government amid tighter spending efforts under the Trump administration.

The moves come a day after the latest Federal Reserve meeting, in which the central bank forecast two interest rate cuts in 2025 and left rates unchanged. Fed Chair Jerome Powell pointed to tariffs as a source of concern, especially among consumers, which could put pressure on the economy.

The central bank also raised its inflation outlook and lowered its economic growth projection.

Traders largely expect the Fed to not make any moves before officials see the effect of President Donald Trump's tariff plans. A tariff exemption on select Canadian and Mexican imports expires April 2.

"Bull markets don't die of old age. They die of fright, and what they're most afraid of is recession," said Sam Stovall, CFRA Research's chief investment strategist. "We're not heading into a recession, but we still really don't know, because of the tariffs, what exactly will happen."

Stocks rebounded Wednesday following the Fed's policy decision. However, the S&P 500, which briefly slipped into correction territory last week, remains nearly 8% off its record high reached in February. Over the past month, it has declined more than 7%.