Rate-sensitive stocks plummeted on Wednesday after the🃏 Federal Reserve scaled back its forecast for future𒁏 interest rate cuts and projected inflation would run hotter than previously expected next year. 

The Fed cut rates by 25 basis points on Wednesday, as market participants had expected. But policymakers in their Summary of Economic Projections 澳洲幸运5官方开奖结果体彩网:forecast cutting rates only twice next year, half what ꦛthey had penciled in w𝓀hen they last published their forecasts in September. 

Stocks in the real estate and consumer discretionary sectors, two secꦓtors particularly sensitive to interest rates and the health of the economy, tumbled as market participants reset their expectations for interest rates. 

The S&P 500 Consumer Discretionary Sector Index fell 4.6%, weighed on by giants like Tesla (TSLA), down 8.3%, and Amazon (AMZN), off 4.6%. Those two were the worst performing of the 澳洲幸运5官方开奖结果体彩网:Magnificent Seven stocks on Wednesday. The S&♓P 500 ꩲReal Estate Sector Index fell 4%.

The sectors led a broad sell-off that touched every corner of the stock market. The Dow Jones Industrial Average 澳洲幸运5官方开奖结果体彩网:exten🐓ded its losing streak to 10 consec༒utive days, falling 2.6%, or more than 1♛,100 points. The S&P 500 and Nasdaq Composite fell 3% and 3.6%, respectively. 

The 澳洲幸运5官方开奖结果体彩网:Russell 2000 index of small-cap stocks fell 4%. Companies with small market capitalizations are more likely than their large peers to be unprofitable, increasing their dependence on borrowing. They are also more likely to hold 澳洲幸运5官方开奖结果体彩网:floating-rate debt, making 🦩them particula🔥rly sensitive to interest rates.