Nasdaq slides 3% as tech stocks weigh

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. May 4, 2022. REUTERS/Brendan McDermid

(Reuters) – The Nasdaq index tumbled over 3% on Thursday, dragged down by megacap growth stocks and on track to erase most of the gains recorded in the previous session’s rally after the Federal Reserve’s less aggressive tone.

At 10:10 a.m. ET, the Dow Jones Industrial Average was down 612.08 points, or 1.80%, at 33,448.98, the S&P 500 was down 94.19 points, or 2.19%, at 4,205.98, and the Nasdaq Composite was down 402.84 points, or 3.11%, at 12,562.02.

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