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Market indices and sectors drop heading into the closing bell

Markets reporter Ines Ferre checks out market and sector reactions to the Fed's interest rate hike heading into the day's close

Video Transcript

DAVE BRIGGS: All right, we're minutes away from the closing bell. Let's bring in Yahoo Finance's Ines Ferre to break down the roller coaster ride following Jerome Powell's remarks. Hi, Ines.

INES FERRE: A roller coaster, indeed, Dave. A lot of volatility that we saw in this last couple of hours of trading. And if we just took a look, we are seeing some accelerated losses as we go into the close. We're watching the Dow that's down 460 points.

But keep in mind that the Dow was up as much as 260 points while Jerome Powell was speaking during the presser. The NASDAQ composite down 1.5%, and the S&P 500 down also 1 and 1/2%. We saw the two-year and the 10-year Treasury yields invert even further. The two-year initially jumping to 4.12 after that Fed rate hike came out at 2:00 PM.

Looking at the sector action, we are seeing-- well, let's take a look. NASDAQ 100, here, the megacaps, Amazon down more than 2%. Tesla also lower. Meta down as well. So you're seeing the mega caps that are really getting clobbered. If we take a look at the sector action, you can tell communication services, consumer discretionary, some of the stocks that I just mentioned, these are losing the most right now.

Keep in mind that these markets had opened in the green earlier this morning. We had seen industrials in the green this morning. It's now down. XLI down 1.2%. You're also looking at all 11 sectors of the S&P 500 that are lower right now. And here's the closing bell for today, Wednesday, September 21, at the New York Stock Exchange.

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[BELL]