Wall St. down for third day, concerns weigh on tech

STORY: Stocks closed lower on Thursday, falling for a third straight session, as investors nursed a bit of Fed hangover one day after the U.S. Central Bank announced another aggressive interest hike and signaled more were to come.

The Dow fell almost .4% – while the S&P shed about .8% and the Nasdaq lost nearly 1.4%.

The Fed on Wednesday lifted rates by an expected 75 basis points, but its longer-than-expected trajectory for rate hikes fueled fears of further volatility in stock and bond trading in a year that has already seen bear markets in both asset classes.

Ryan Belanger is founder and managing principal of Claro Advisors.

”Fixed income is down, stocks are down – there’s really nowhere to hide. And I think that makes it really frustrating for investors. And it’s tempting to sell out of everything and put the money under the mattress. But – oh wait! – we’ve got inflation that’s running at all-time highs, or 40-year highs, so you can’t do the cash-under-the-mattress anymore either. So it's very difficult. So, what we’re telling our investors is, you have to just stay patient, hold your course, and you gotta grind through this really difficult period, know that statistically you’re going to get 7 good years out of every 10 – and that’s the investing landscape that we’re in.”

U.S. Treasury Secretary Janet Yellen said on Thursday that the very tight labor market was fueling inflationary pressure, but that she had confidence in the Federal Reserve to get it under control.

She said she believed inflation was going to come down next year, but there were risks linked to Russia's ongoing invasion in Ukraine, with the economy remaining vulnerable to supply shocks.

Shares of megacap technology and growth companies such as Amazon, Tesla and Nvidia fell as benchmark U.S. Treasury yields hit an 11-year high.

Major U.S. airlines – which have enjoyed a rebound amid increased travel – were also down again. In the last three days United Airlines and American have both lost around 10 percent of value.