(CNBC) — Stocks fell sharply Wednesday, with the Dow Jones Industrial Average suffering its first decline of 2022, as Wall Street geared up for potentially tighter U.S. monetary policy.
The blue-chip Dow Jones Industrial Average ended the day down 392.54 points, or 1.07%, at 36,407.11. The 30-stock average hit an intraday record earlier in the session. The S&P 500 fell 1.94% to 4,700.58. The tech-heavy Nasdaq saw its biggest one-day loss since February, losing 3.34% to end at 15,100.17.
Rates also jumped, putting pressure on equities, after the minutes from the Federal Reserve’s most recent meeting showed the central bank has discussed reducing its balance sheet shortly after it raises rates later this year.
