"Wall Street's Worries Grow as Stocks Slide and Treasury Yields Rise: Market Updates"

Tech stocks led a broad equity retreat as Wall Street reacted to the Federal Reserve's hawkish message on interest rates, with the S&P 500 and Dow Jones Industrial Average both declining. Investors believe the central bank sees interest rates staying "higher for longer," although the debate remains on the duration. The prospect of prolonged elevated rates has spooked some investors, putting pressure on stocks and bonds. Meanwhile, jobless claims unexpectedly fell to their lowest level since January, indicating a resilient labor market. In other news, Rupert Murdoch stepped down as Chair of Fox and News Corp, and stocks are on track to fall further as investors digest the Fed's forecast.