NEW YORK—Big Tech stocks burned by the downside of high expectations triggered a sharp slide for Wall Street Wednesday. The market’s losses worsened after the Federal Reserve indicated it likely won’t cut interest rates in March, as many traders had hoped.
The S&P 500 dropped 1.6% for its worst day since September. It veered between more modest and sharper losses through a shaky afternoon as traders delayed bets for when the Fed would begin easing its main interest rate from its highest level since 2001.
