Market Snapshot: Dow skids nearly 900 points, S&P 500 down 2.7% as stocks head for worst day in 3 months

The Dow Jones Industrial Average tumbled over 900 points on Thursday afternoon, putting U.S. stocks on track for their worst day in three months, as investors digested tough talk from the Federal Reserve on inflation that revived concerns about a potential U.S. recession.

What’s happening

Stocks posted moderate losses Wednesday after the Federal Reserve delivered a half-point rate hike and signaled that rates would likely peak above 5% in 2023.