Stocks slipped on Thursday after the Federal Reserve delivered another aggressive rate hike, boosting fears that the central bank will push the economy into a recession as it battles to curb rising inflation.
The Dow Jones Industrial Average was last down 108 points, or 0.36%. The S&P 500 traded 0.86% lower, and slumped to its lowest level since mid-July. The Nasdaq Composite slid 1.5%.
Bond yields surged again on Thursday, with the yield on the 10-year and 2-year Treasury notes hitting fresh multiyear highs in response to the Fed’s aggressive stance and central banks around the world implementing sizeable hikes despite the repercussions for the economy.
Growth-oriented tech stocks and semiconductors took a leg lower amid fears of slowing economic growth. Industrials and consumer discretionary were the worst-performing S&P 500 sectors, losing at least 1% each.
“The markets feel they have to recalibrate valuations and when that happens,…
