U.S. stock indexes tumbled on Thursday, with high-profile tech shares leading the rout. The selloff was severe as the Fed's aggressive move raised fears of a spate of monetary tightening from global central banks that could slow growth around the world. The Fed's largest rate increase since 1994 fanned worries of a recession.

Among the mega-caps, Apple Inc, Microsoft Corp and Tesla were some of the biggest losers. Investors dumped so-called growth stocks that drove much of the stock-market rally. Switzerland and Britain lifted rates following the Fed's 75-basis-point hike on Wednesday.

The odds of a recession now stand at more than 50%, following the Fed's decision. Wells Fargo (NYSE:WFC) said the odds of an economic slowdown are now more than 40%. The odds of the recession are now 50%, according to the Wells Fargo report.

By midday, the Dow Jones Industrial Average was down 685.76 points, or 2.24%, at 29,982.77. The S&P 500 was down 114.83points, or 3.03%, at 3,675.16, with both indexes hitting their lowest levels since January 2021. Other banks that have warned of rising recession risks include Deutsche Bank (ETR:DBKGn) and Morgan Stanley.
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