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

The Nasdaq Composite Index was sinking over 2.5% Thursday afternoon, putting the index on pace for the steepest daily loss since late September, as the market appeared to have a delayed reaction to the Federal Reserve’s updated policy, which signaled three rate increases in 2022 and an accelerated pace of reductions of market-supportive asset purchases. The Nasdaq Composite COMP, -2.08% was down 2.5% at 15,180, at last check, which would mark the worst day for the technology-heavy index since a 2.8% drop registered on Sept. 28, FactSet data show. The decline for the composite benchmark represent a reversal of earlier modest gains for the the broader market. The S&P 500 index SPX, -0.54% was trading 0.8% lower at 4,672, after touching an intraday peak at 4,731, while the Dow Jones Industrial Average DJIA, +0.24% was trading less than 0.1% higher.

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