The Dow Jones Industrial Average fell for a second day as investors digested the Federal Reserve's latest policy update, where it moved up its timeline for interest rate hikes and forecast higher inflation.
The 30-stock index thundered lower 183.96 points by noon to 33,847.71, weighed down by biggest losers Dow Inc. and Caterpillar as most commodity prices took a hit for a second day.
The S&P 500 slid 7.75 points to 4,205.25.
The NASDAQ hiked 65 points to 14,037.75. Investors huddled in some Big Tech stocks with Tesla, Snowflake and Shopify all up about 1%. Twilio gained more than 5%.
Lennar popped 3.5% after reporting better-than-expected earnings.
The closely-watched Federal Reserve meeting Wednesday spurred a selloff in equities after the central bank moved up its timeline for rate hikes, seeing two increases in 2023
The Fed also hiked its inflation forecast to 3.4% for the year, a percentage point higher than the FOMC's forecast in March.
Materials stocks were weaker Thursday as higher rates may further take the air out of a big commodities rally in 2021. China is also cracking down on the commodities surge to ease inflation fears. Freeport-McMoRan led materials stocks lower, down about 2%. Copper futures were off by 2%.
The U.S. Labor Department reported that initial jobless claims rose last week to 412,000, up from the previous week's 375,000. Economists polled by Dow Jones expected jobless claims of 360,000.
Prices for 10-Year Treasurys were higher, bringing down yields to 1.52% from Wednesday's 1.57%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.11 to $71.04 U.S. a barrel.
Gold prices slipped $90.40 to $1,771 U.S. an ounce.