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Stock market sinks as Federal Reserve signals it will remain aggressive in order to tame inflation

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The slide erased all the weekly gains for the major indexes.

Technology and communication services stocks led the market's sell-off. Microsoft fell 2.8% and Google parent Alphabet was down 4.3%.

The Fed raised its short-term interest rate by half a percentage point on Wednesday, its seventh increase this year. Central banks in Europe followed along Thursday, with the European Central Bank, Bank of England and Swiss National Bank each raising their main lending rate by a half-point Thursday. European stocks fell sharply, with Germany's DAX dropping 3.3%.

The yield on the two-year Treasury, which closely tracks expectations for Fed moves, rose to 4.26% from 4.21% late Wednesday. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.45% from 3.48%.

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