Higher rates push stocks lower

While the Federal Reserve raised interest rates by 75 basis points as expected on Wednesday, it signaled that it could ultimately raise rates beyond what the market was expecting. Short-term yields are higher in response Thursday, with the two-year US treasury yield up about 15 basis points.

The higher yields have led to another down leg for the stock market, particularly the interest-rate sensitive stocks such as technology. The tech-heavy Nasdaq 100 is underperforming the S&P 500 on the day.