Nasdaq falls 5% as shares fall sharply, erasing post-Fed relief rally

Shares on Thursday fell sharply with the Nasdaq Composite
COMP,
-4.99%

a drop of 5% as major indexes more than destroyed the gains seen in the previous session during the relief campaign that followed the long-awaited Federal Reserve rate hike. Technology and other rising stocks have suffered the most as treasury facing yields have jumped, with the 10-year figure being the highest since late 2018 at more than 3.04%. Dow Jones Industrial Average
DJIA,
-3.12%

According to preliminary data, it decreased by about 1063 points, or 3.1%, closing about 32,998, while the S&P 500
SPX,
-3.56%

lost 3.6% and finished about 4147.