Markets Obliterated Following Wednesday's Historic Fed Rate Hike

U.S. indices fell sharply wire-to-wire Thursday in the aftermath of Wednesday's historic rate hike by the Federal Reserve. The Fed raised the key interest rate by 50 basis points, its first rate hike of at least half a percentage point in more than 20 years.

The U.S. Bureau of Labor Statistics reported today that nonfarm business sector labor productivity decreased 7.5% in the first quarter of 2022, as output decreased 2.4% and hours worked increased 5.5%. The Bureau of Labor Statistics added this is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7%.

  • The Nasdaq composite finished lower by 4.99% to 12,317; The Invesco QQQ Trust Series 1 QQQ lost 5.04% to $313.00
  • The S&P 500 traded lower by 3.55% to 4,147; The SPDR S&P 500 ETF Trust SPY lost 3.55% to $413.81
  • The Dow Jones composite finished lower by 2.77% to 11,345; The SPDR Dow Jones Industrial Average ETF Trust DIA finished lower by 3.04% at $330.24

Here are the day's winners and losers from the Nasdaq-100, according to data from Benzinga Pro.

Booking Holdings Inc BKNG and Charter Communications Inc CHTR were among the top gainers for the QQQ.

Pinduoduo Inc - ADR PDD, eBay Inc EBAY and Cognizant Technology Solutions Corp CTSH were among the top losers for the Nasdaq-100.

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