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Stocks slump on Wall Street as markets assess looming fallout from Fed's fight against inflation

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The Dow dropped 1,079 points or 3.2%, the S&P 500 fell 3.6% and the Nasdaq Composite tumbled 4.9% in midday trading.

"I've been in the markets for 25 years and I've never seen anything like this," said Danielle DiMartino Booth, CEO and chief strategist for Quill Intelligence, a Wall Street and Federal Reserve research firm."It's violent not just volatile."

DiMartino Booth thinks the massive drop only makes sense if you classify yesterday's surge as a melt-up"The markets were so poised to rally yesterday and there were probably a lot of people who were short and had to rush to cover, today is a backlash," she said. Even without future interest rate hikes of 75 basis points, quantitative tightening presents a threat to economic growth and to markets that have become used to accommodating Fed policy."There may be some pain associated with getting back to that, but the big pain is in not dealing with inflation and allowing it to become entrenched," Powell warned during his Wednesday afternoon press conference.

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