The stock market moved sharply lower on Thursday, reversing most 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.... [+]Stocks plunged: The Dow Jones Industrial Average was down 2.6%, nearly 900 points, while the S&P 500 lost roughly 3% and the tech-heavy Nasdaq Composite over 4%.
Several e-commerce companies saw shares fall after disappointing first quarter earnings on Thursday, weighing on market sentiment: eBay lost nearly 9%, Etsy 14% and Shopify 17%. Shares of Big Tech companies were also moving sharply lower, with Amazon and Facebook-parent Meta both falling over 6%, while Microsoft lost over 4%.
Government bond yields were on the rise amid the heightened uncertainty, with the 10-year Treasury note once again trading above 3%—its highest level since 2018.
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