Stocks fall for a second day, Nasdaq slides another 2% as Fed gives policy tightening plans; European stocks close lower amid hawkish Fed comments 
Stocks fell for a second day on Wednesday and rates soared to new heights after the Federal Reserve gave more guidance on how fast it will tighten monetary policy to fight inflation, raising concerns it may slow the economy. 
The Dow Jones Industrial Average fell 144.67 points, or 0.42%, to 34,496.51. The S&P 500 slid 0.97% to 4,481.15, and the Nasdaq Composite sank another 2.22% to 13,888.82 after falling about 2.3% on Tuesday. 
The Fed’s release of its meeting minutes indicated on Wednesday afternoon that officials “generally agreed” it should shrink its balance sheet by $95 billion per month. The minutes also showed central bank officials were considering larger rate hikes than the usual 25-basis-point, or quarter-point, increments. Stocks dipped to session lows after the release of the minutes but bounced back slightly to end the day. 
 Tech shares led Wednesday’s slide, falling again for a second day as investors rotated out of the group and braced for higher rates to slow the economy. Apple, Microsoft, Amazon and Tesla contributed to the sector’s decline. Chipmakers like Nvidia and Marvell Technology also continued their descent, falling about 5.9% and 2.6%, respectively. 
Investors continued to search for stocks with stable profits, shying away from those offering future growth. Utilities, health care and consumer staples sectors continued to climb Wednesday, with Amgen and Johnson & Johnson rising more than 2% each. Consumer staples such as Walmart, Coca-Cola and Procter & Gamble inched more than 1% higher. 

The pan-European Stoxx 600 provisionally ended down 1.6%, with almost all sectors and major bourses sliding into negative territory. Travel and leisure stocks led the losses, down 3.9% for the session, while healthcare stocks bucked the trend to close up 0.2%. In terms of individual share price movement in Europe, ams OSRAM shares fell more than 9.6% to the bottom of the Stoxx 600, continuing Tuesday’s declines after the electronics company’s Capital Markets Day failed to impress investors. 
Source: CNBC, Investing.com