Benchmark US indices fell sharply on Thursday, June 16, pulled down by mega-cap tech stocks as investors’ concerns grew over a possible recession a day after Fed’s rate hike.
The S&P 500 was down 3.25% to 3,666.77. The Dow Jones lost 2.42% to 29,927.07. The NASDAQ Composite fell 4.08% to 10,646.10, and the small-cap Russell 2000 declined 4.70% to 1,649.84.
On Wednesday, the central bank raised the interest rates by 75 basis points to calm inflation. Britain and Switzerland have also increased their rates following Fed’s revision.