Nasdaq 100 technology falls more than 3%

Stocks fell in global financial markets after a wave of rate hikes by central banks, and the Federal Reserve and European Central Bank warned more trouble was ahead.

The Nasdaq 100 heavy technology fell more than 3%. The S&P 500 it had the biggest intraday drop in more than a month. Both indexes ended in the red on Wednesday after Fed Chairman Jerome Powell reiterated his hawkish stance and officials signaled a rate cap that beat market expectations.

The benchmark Europe’s equities stock, the Stoxx 600, fell after ECB President Christine Lagarde said the central bank needs to do more than traders discounted.

The US dollar strengthened. Sterling fell after an expected half-point rise from the Bank of England and extended those losses. The euro fell as traders analyzed Lagarde’s comments.

Investors are also eyeing a series of US economic data on Thursday. While retail sales were worse than expected, initial jobless claims were lower than expected, underscoring the strength of the labor market. Meanwhile, US factory output fell for the first time since June.

“Markets have been in a tug-of-war between better-than-feared economic data juxtaposed with concerns about the potential for the Fed to tighten monetary policy too much and send the economy into recession.”said Art Hogan, chief market strategist. in B. Riley Wealth.