Nasdaq Composite gets shredded Thursday afternoon, heads for worst day in over 2 months

The Nasdaq Composite Index was sinking implicit 2.5% Thursday afternoon, putting the scale connected gait for the steepest regular nonaccomplishment since precocious September, arsenic the marketplace appeared to person a delayed absorption to the Federal Reserve's updated policy, which signaled 3 complaint increases successful 2022 and an accelerated gait of reductions of market-supportive plus purchases. The Nasdaq Composite COMP, -2.41% was down 2.5% astatine 15,180, astatine past check, which would people the worst time for the technology-heavy scale since a 2.8% driblet registered connected Sept. 28, FactSet information show. The diminution for the composite benchmark correspond a reversal of earlier humble gains for the the broader market. The S&P 500 scale SPX, -0.81% was trading 0.8% little astatine 4,672, aft touching an intraday highest astatine 4,731, portion the Dow Jones Industrial Average DJIA, -0.03% was trading little than 0.1% higher.