NEW YORK (Reuters) - Asian equities were set to follow Wall Street’s late session retreat on Thursday after the Federal Reserve warned the U.S. economy faced a highly uncertain path to recovery from the coronavirus-induced downturn.

Market sentiment had been bullish up until the Fed’s comments, with the S&P 500 and the Nasdaq hitting all-time highs driven largely by Apple Inc..

The iPhone maker’s shares rose 1.4% to make the first publicly listed U.S. company to reach $2 trillion in market capitalization, with strong results from retailers Target and Lowe’s also lifting sentiment.

“It was a decent day for banks, Apple, and Nike but everything else was in the reverse after the Fed said economic conditions will be difficult for a while,” said Jamie Cox, managing partner at Harris Financial Group.

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