U.S. stocks fell for a fourth consecutive session on Thursday amid worries that the Federal Reserve would continue raising interest rates.
The Dow Jones Industrial Average fell 46.51 points, or 0.46%, to close at 32,001.25. The S&P 500 dropped 39.88 points, or 1.06%, to close at 3,719.81, and the Nasdaq Composite fell 181.86 points, or 1.73%, to close at 10,342.94.
The 0.75% rate increase announced Wednesday was the fourth consecutive hike at that rate and the seventh overall this year. Fed chairman Jerome Powell signaled in a press conference after the announcement to expect more rate hikes as the central bank continues to battle inflation, which remains at a four-decade high.
“We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected,” Powell said Wednesday.
Several companies reporting quarterly earnings also missed analysts’ expectations.
Shares of Qualcomm (QCOM), Roku (ROKU) and Fortinet (FTNT) all fell sharply on disappointing quarterly results.
Some of the stocks that also declined included Meta Platforms (META), which closed at $88.91, down $1.63, or 1.80%. Alphabet’s (GOOG) price of shares fell $3.58, or 4.11%, to close at $83.49.
“The market is starting to come to terms with the fact that Powell said no dessert,” Daniela Mardarovici, co-head of U.S. multisector fixed income at Macquarie Asset Management, told the Wall Street Journal.