U.S. stocks declined Friday, snapping a multiweek winning streak for all three major indices.

The Dow Jones was down 219.28 points, or 0.65%, to 33,727.43. The S&P 500 lost 0.77% of its value, while the tech-heavy Nasdaq Composite fell by 1.01% despite a recent hot streak.

The Nasdaq had seen eight consecutive weeks of gains, and the Dow and S&P 500 saw similar streaks snapped.

The declines come after the Federal Reserve paused interest rate hikes but hinted at more to come this year.

The Fed has raised rates 10 times during the current cycle, as investors grow weary of the central bank's battle with inflation.

"The markets have been under a bit of pressure since the press conference and news release of the Fed the other week stating that they are not going to increase interest rates at this time, but are likely to increase rates again 1-2 times later this year," Yung-Yu Ma, chief investment strategist at BMO Wealth Management, told CNBC.