Adds details, updates prices to late afternoon trading

By Chuck Mikolajczak

NEW YORK, Dec 18 (Reuters) - U.S. stocks fell on Wednesday, erasing earlier gains after the Federal Reserve cut interest rates by a quarter of a percentage point and the central bank's economic projections signaled a slower pace of cuts next year.

The Fed cut rates by 25 basis points to the 4.25%-4.50% range and its summary of economic projections (SEP) indicated it will make rate cuts totaling a half percentage point by the end of 2025 given the solid labor market and the recent stall in lowering inflation.

Investors were watching comments from Fed Chair Jerome Powell for more insight on the path of interest rates from the central bank.

"It looks like some early worries about tariffs could be creeping into the Fed’s projections. They’re penciling in fewer rate cuts in 2025, slightly higher inflation, and a modest increase in the unemployment rate," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin.

"The Fed can cut back on the pace of rate cuts thanks to a strong economy."

The Dow Jones Industrial Average .DJI fell 266.21 points, or 0.61%, to 43,183.69, the S&P 500 .SPX lost 47.02 points, or 0.78%, to 6,003.62 and the Nasdaq Composite .IXIC lost 182.44 points, or 0.91%, to 19,926.62.

The Dow was on track for its 10th straight session of declines, which would mark its longest daily streak of losses since an 11 session skid in October 1974.

Despite the recent declines, the Dow is up nearly 15% on the year, while the S&P has rallied about 26% and the Nasdaq has shot up almost 33%, lifted in large part by technology companies and enthusiasm around artificial intelligence, along with the prospects of a lower rate environment and more recently, the hope of deregulation policies from President-elect Donald Trump's incoming administration.

Each of the 11 major S&P 500 sectors were lower, with real estate .SPLRCR leading declines.

U.S. Treasury yields moved higher after the statement as the benchmark U.S. 10-year note US10YT=RR rose 6.3 basis points to 4.448%.

Higher interest rates are usually seen as a drag to the equity market, boosting the appeal of less risky assets while crimping the ability of companies to grow earnings.

In company news, Birkenstock BIRK.N advanced 4.7% after the footwear maker beat market expectations for fourth-quarter results, while General Mills GIS.N fell 3.8% as the Cheerios maker slashed its annual profit forecast.

Declining issues outnumbered advancers by a 3.69-to-1 ratio on the NYSE, and by a 2.48-to-1 ratio on the Nasdaq.

The S&P 500 posted six new 52-week highs and 15 new lows, while the Nasdaq Composite recorded 78 new highs and 147 new lows.

(Reporting by Chuck Mikolajczak; additional reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by David Gregorio)

((charles.mikolajczak@tr.com; @ChuckMik;))