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Dow drops following Fed rate hike decision, consumer sectors among biggest laggards

Yahoo Finance's Jared Blikre looks at how markets settled on Wednesday following the most recent FOMC meeting and rate hike.

Video transcript

SEANA SMITH: Jared Blikre is back with us. Jared, what's going on?

JARED BLIKRE: Everything down about 1.5%. That's what it looks like here.

Let's take a look at the NASDAQ this time. These are the fireworks we saw after the announcement. And then we saw Chair Powell give a little ray of hope. But, by the end of the presser, I think it became obvious that, yes, he really, really means it when the FOMC says they're going to bring down inflation.

I just want to point out too that these are some fairly depressed levels. Let me put on a three-month chart. This is going to be the lowest close since it looks like July. So that's going to be a couple of months ago.

Nevertheless, let's take a look at some of the heatmaps. And this is going to be our sector action for the day. Everything in the red right now. A couple of green sectors before when we took a look about 20 minutes ago. Not so right now. Some of those sectors that have those mega caps getting hit the most. Consumer discretionary-- that's XLY-- XLC, those are the two worst.

And let's take a look at the NASDAQ 100, where we can see some of that action concentrated in these mega caps. Tesla, Meta, Amazon all down more than 2%. Nvidia up 1%. Walmart also up on the Dow. I don't know if we can get excited about that, but some pretty broad-based losses here. Gotta think that the Fed really means this, as they've been saying.