Stocks fell on Thursday, building on Wednesday’s losses after the Federal Reserve delivered another interest rate hike and signaled that no pivot or rate cut will come anytime soon.
The Dow Jones Industrials fell 236.64 points to 31,911.12.
The S&P 500 toppled 39.29 points, or 1%, to 3,720.40
The NASDAQ withered 139.01 points, or 1.3%, to 10,385.79.
Corporate earnings season continued, with Qualcomm, Roku and Fortinet all falling sharply on disappointing quarterly results and forward guidance.
Peloton’s stock tumbled after reporting a wider-than-expected loss, while Moderna sank on a lowered COVID vaccine sales outlook.
Treasury prices slipped, raising yields to 4.15% from Wednesday’s 4.08%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $2.13 to $87.87 U.S. a barrel.
Gold prices skidded $25.80 to $1,624.20 U.S. an ounce.