After Wednesday's sharp rise, the largest in two years, the mood dropped radically the next day on Wall street.
After a couple of hours of trading, the large indices have lost several percent, the Dow Jones industrial average is down 2.8 percent, the technology-heavy Nasdaq composite index has fallen as much as 4.6 percent and the S&P 500 has fallen 3.0 percent.
Raging inflation
The positive reaction to the central bank's announcement on Wednesday that future interest rate hikes are unlikely to be greater than 0.50 percentage points was blown away.
The mood had changed in concern about the soaring inflation and the realization that interest rate increases, regardless of reassuring words, will continue for a long time to come.
Step up sharply first
The ten-year bond yield rose sharply, something that hit tech companies, among others.
Facebook's parent company Meta platforms is down 5.8 percent, Amazon is down 7.1 percent and Microsoft is down 4.7 percent.
The Stockholm Stock Exchange initially rose sharply.
But the rise came completely when Wall Street opened in dark red.
One hour before closing, the broad OMXSPI index is minus 0.4 percent.