WEED:CC - Stocks Stall as Hopes Dashed for Interest Rate Pivot

Stocks fell on Thursday, building on Wednesday's losses after the Federal Reserve delivered another three-quarter-point interest rate hike, and signaled that a pivot or rate cut won't come anytime soon.

The Dow Jones Industrials closed the day lower by 146.51 points to 32,001.25.

The S&P 500 waned 39.8 points, or 1.1%, to 3,719.89

The NASDAQ cratered 181.86 points, or 1.7%, to 10,342.94.

For the week, all the major averages are on pace for losses, with the Dow down more than 2%. The S&P has lost 3.9% the NASDAQ has shed 5.8%, week to date.

Elsewhere, corporate earnings season continued, with Qualcomm, Roku and Fortinet all falling on disappointing quarterly results and forward guidance. Kellogg's shares fell nearly 9% despite a strong quarter and lift to guidance.

Traders had anticipated the central bank's 0.75-percentage-point rate increase and initially read the Fed's statement as dovish, suggesting smaller hikes in the future.

Treasury prices slipped, raising yields to 4.15% from Wednesday's 4.08%. Treasury prices and yields move in opposite directions.

Oil prices tumbled $2.02 to $87.98 U.S. a barrel.

Gold prices skidded $17.10 to $1,632.90 U.S. an ounce.