The Dow Jones Industrials plummeted 370.2 points, or 1.1%, to 34,070.68.
The S&P 500 index reversed 72.24 points, or 1.6%, to 4,329.96.
The NASDAQ index weakened 245.14 points, or 1.8%, to 13,223.97.
Through Thursday’s open, the Dow was set to end the week down about 1%, the S&P 500 was on track to close the week off about 2%, while the NASDAQ was poised to fall more than 3%.
Tech shares have led the losses this week as investors rethink buying growth-oriented stocks if interest rates remain high. Tesla, Alphabet and Nvidia all lost more than 2%.
Marketing automation firm Klaviyo, which debuted on the public markets Wednesday, slipped 1% Thursday. That made the stock the latest in a string of promising IPOs that turned lower this week.
FedEx bucked the negative trend, gaining more than 4% after the delivery company posted adjusted earnings of $4.55 per share in its fiscal first quarter, while analysts called for $3.73 per share, per LSEG.
Prices for the 10-year Treasury slumbered, raising yields to 4.49% from Wednesday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices took a turn for the downside, 0.04 cents to $89.62 U.S. a barrel.
Gold prices skidded $27.10 to $1,940.00 U.S. an ounce.