The 20-year-old, who has had a frosty relationship with the world number one since beating her in this tournament last year, had been caught by television cameras with a wide grin on her face after Williams's defeat to Ana Ivanovic and then seemingly raised her arms in triumph and tried to 'high-five' one of her support team.
"There was no raising of the arms," Stephens told reporters. "At the end of the match, Ivanovic's coaches pretty much gave each other head butts and kisses, and I thought that was the funniest thing ever.
"I have never seen a more excited head butt/kiss at the end of the match. Then of course in posts and everything and edit and of course [they said] I'm cheering against Serena, which had nothing to do with it. We were just having some fun.
"After I'm on the bike, and then I was like 'were they recording that?'. Yeah, it's a little much. Then for them to put it on TV was a little extra. It is what it is. I don't think it was that [big] a deal. Move on. Who cares?"
Stephens was beaten by Victoria Azarenka on Monday to end the American presence in the singles in both the men's and the women's draw.