Topline

The stock market moved sharply lower on Thursday, reversing all of its gains from the previous session when the Federal Reserve raised interest rates by a half-percentage point, as volatility remains elevated and investors continue to worry about risks to economic growth.

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Stocks plunged: The Dow Jones Industrial Average was down 2.5%, over 800 points, while the S&P 500 lost roughly 3% and the tech-heavy Nasdaq Composite over 4%.

Thursday’s declines reversed all of the market’s gains from a day earlier, when investors cheered a widely-anticipated half-percentage point interest rate hike from the Federal Reserve—the largest increase in over two decades.

Despite the Fed’s big announcement, stocks were back down again as investors continued to dump shares of tech companies, which have been especially hard-hit amid the wider market sell-off so far this year.

Several e-commerce companies saw shares fall after disappointing first quarter earnings on Thursday, weighing on market sentiment: eBay lost 6%, Shopify 16% and Etsy 17%.

Shares of Big Tech companies were also moving sharply lower, with Microsoft and Facebook-parent Meta both falling over 4%, while Amazon lost over 5%.