US stock indexes opened sharply lower on Thursday, with growth shares taking the biggest hit, after the Federal Reserve’s biggest interest rate hike since 1994 fanned recession worries.
The Dow Jones Industrial Average dropped 2.4%, or 730 points, falling below the 30,000 mark and to its lowest level in over a year. The S&P 500 slipped 2.7% while the Nasdaq Composite slid 2.8%.
The relief rally that followed the Fed’s decision on Wednesday evaporated, with the majority of companies in the S&P 500 pushing lower.
All of the 11 major S&P sectors fell in morning trade. Energy and consumer discretionary sectors were the top losers, down 4.2% and 3.6%, respectively.
Mega-cap growth firms Amazon.com, Microsoft Corp , Apple Inc and Tesla Inc slid between 2.5% and 6%, also pressured by rising U.S. Treasury yields.
Equities have been under pressure for most of the year on growing worries about surging inflation and higher borrowing costs, with the central bank’s latest projection of a slowing U.S. economy and rising unemployment in the coming months only fueling those concerns.
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