It's Been a Brutal Morning on Wall Street

Stocks are slumping in a big way on Wall Street, erasing a rally from a day earlier as markets assess the looming fallout from the Federal Reserve's stepped-up fight against inflation. Around noon, the Dow had fallen more than 1,100 points, or 3.2%, and the S&P 500 was down 3.8%. Faring even worse was the tech-heavy Nasdaq, down 5%. Markets had rallied a day earlier after the Fed said it wouldn't move as quickly as some had feared to hike interest rates, but traders are starting to fret more about the impact of the Fed's moves to dampen demand for borrowing money, per the AP.

Technology companies had some of the biggest losses and weighed down the broader market, in a reversal from the solid gains they made a day earlier. Apple fell 3.4% and Microsoft fell 3.9%. Internet retail giant Amazon slumped 6.4% and Google's parent company fell 4.3%. Bond yields resumed their upward march, which will send mortgage rates higher. The yield on the 10-year Treasury rose sharply, to 3.09%. The latest move by the Fed to raise interest rates by a half-percentage point had been widely expected.

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