Stocks are tanking with the Dow down more than 1,000 points

Traders, however, on Thursday raised their bets on a 75 basis point hike at the Fed’s June meeting.

“It’s very much a public situation where everyone is seeing the pain of the Fed taking away the punchbowl play out on a daily basis.” At 12:08 p.m. ET, the Dow Jones Industrial Average was down 1,056.76 points, or 3.10 per cent, at 33,004.30, the S&P 500 was down 157.38 points, or 3.66 per cent, at 4,142.79, and the Nasdaq Composite was down 634.50 points, or 4.89 per cent, at 12,330.35. Canada’s TSX was down 449.95 points at 20,735.

All of the 11 major S&P sectors declined, with consumer discretionary and technology being the worst hit and slumping 5.5 per cent and 4.8 per cent, respectively.The focus now shifts to the U.S. Labor Department’s closely watched monthly employment report on Friday for clues on labor market strength and its impact on monetary policy.

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