Meanwhile, the tech-heavy Nasdaq Composite declined 0.97% to 10,705.41.The central bank said it would continue hiking rates through 2023 to 5.1%, a larger figure than previously expected.Loading chart... "At the beginning of the week, we had the hope, given the very soft CPI number, that we could expect the Fed, and maybe the other central banks of the world, to be less hawkish," Bokeh Capital founder Kim Forrest said.— Sarah Min This week's sell-off reminiscent of June downturn, says investor Paul Schatz, president of Heritage Capital, said this latest selling wave reminds him of the June downturn that sent the S&P 500 into bear market territory.Christopher Harvey, head of equity strategy at Wells Fargo Securities, said the labor market has grown in significance following Federal Reserve Chair Jerome Powell's most recent press conference."