Stocks close lower for a fourth day, Nasdaq sheds 1.7% as October jobs report looms

Pro Picks: Watch all of Thursday's big stock calls on CNBC
Pro Picks: Watch all of Thursday's big stock calls on CNBC

Stocks fell Thursday, declining for a fourth consecutive session. The slide came a day after the Federal Reserve delivered another three-quarter point interest rate hike and signaled that a pivot or rate cut won't come anytime soon.

The Dow Jones Industrial Average slid 146.51 points, or 0.46%, to close at 32,001.25. The S&P 500 lost 1.06% to finish at 3,719.89, while the Nasdaq Composite shed 1.73% to settle at 10,342.94.

Yields spiked as traders digested the latest rate decision, putting pressure on equities. The yield on the 2-year Treasury note hit its highest level since July 2007, while the benchmark 10-year Treasury yield popped 9 basis points to about 4.15%.

"The post-Fed hangover continues to keep pressure on U.S. stocks as the impact from the first round of hikes is finally being felt," said Oanda senior market analyst Ed Moya. "Stocks aren't going to have a painful death here, but they will soften until markets price in a little more Fed hawkishness."

Traders had anticipated the central bank's 0.75 percentage point rate increase and initially read the Fed's statement as dovish, suggesting smaller hikes in the future.

That first sent stocks higher on Wednesday, but those gains reversed when Fed Chair Jerome Powell said it was "premature" to discuss a rate hike pause and that the so-called "terminal rate," or the level at which rates peak, would likely be higher than the Fed previously stated.

"We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected," he said.

Many expect the market to continue to seesaw until it's clear that inflation has cooled and the Fed will stop hiking.

Upcoming October jobs report

Investors' attention Thursday also turned to October nonfarm payrolls, slated for release Friday. A strong jobs number and a low unemployment rate, while good for the economy, could signal more work ahead for the Fed.

Cracks are beginning to show in the resilient economy, but the Fed needs to see more "duress" to support a pivot, said Adam Sarhan, CEO of 50 Park Investments.

"Unemployment needs to go up in order for inflation to come down," he said. "That's just the reality — boots on the ground. People are going to stop buying and consuming as much goods and services when they don't have jobs."

Another clue into inflation and the economy will come from next week's consumer price index report.

Elsewhere, corporate earnings season continued, with Qualcomm, Roku and Fortinet all falling on disappointing quarterly results and forward guidance. Kellogg's shares fell more than 8% despite a strong quarter and lift to guidance.

For the week, all the major averages are on pace for losses, with the Dow and S&P down 2.62% and 4.64%, respectively. The Nasdaq has shed 6.84%, putting it on pace for its worst weekly performance since January 2022.

As of Thursday's close, the Dow is on track to snap a four-week win streak, while the S&P and Nasdaq seem poised to break a two-week win streak.

Lea la cobertura del mercado de hoy en español aquí.

Correction: A previous version misstated the declines in Wednesday's session.

Dow slips 146.51 points, Nasdaq sinks 1.73%

Stocks closed lower Thursday as markets prepared for October's nonfarm payrolls report.

The Dow Jones Industrial Average slid 146.51 points, or 0.46%, to close at 32,001.25. The S&P 500 lost 1.06% to finish at 3,719.89, while the Nasdaq Composite shed 1.73% to settle at 10,342.94.

— Samantha Subin

Before the Fed rate rise, retail investor pessimism had plunged to lowest since March

Retail investors were noticeably less pessimistic on the stock market going in to this week's Federal Reserve monetary policy meeting, according to the latest American Association of Individual Investors survey.

In fact, bearishness had plunged to 32.9% this week — the lowest in seven months — from 45.7% last week, and highs of 56.2% and 55.9% the two weeks before that, the AAII said. The bearish historical average is 30.5% and the past year's high was 60.9% right around Labor Day this year.

Bullishness improved in the latest survey, but less dramatically, rising to 30.6% — the highest since the market's August top — from 26.6% last week and 22.6% and 20.4% the two weeks prior. Nonetheless, bullish opinion remains far below its historical average of 38.0%, as it has for 50 straight weeks, and the past year's high of 48.0%, reached in Nov. 2021.

AAII's neutral opinion on stocks climbed to 36.5% from 27.7% last week and 21.2% and 23.7% the two prior weeks.

Meanwhile, the latest survey of financial newsletter editors showed bullishness pretty much holding steady, Investors Intelligence said.

Bulls dropped to 35.8% from 36.9% the previous week (but up from a six-year low of 25.0% in early October). Bears dipped to 37.3% from 38.5%, while those calling for a correction moved up to 26.9% from 24.6%.

— Scott Schnipper

Booking Holdings 'well positioned' for economic downturn within sector, Oppenheimer says

Oppenheimer says Booking Holdings is better positioned in the travel sector in a economic downturn, which historically hits leisure spending hard.

The company beat Wall Street estimates for both bookings and earnings per share when reporting earnings on Wednesday. It did bring fourth-quarter EBITDA down to below Wall Street expectations, but the firm said that was due to aggressive marketing that will "better position the company for share gains into a potential recession."

"BKNG remains our top travel pick based on ability to increase share over the next 18 months, while suggesting less multiple compression risk than peers into a recession," analyst Jed Kelly said in a note to clients. Kelly gave the stock a price target of $2,280, which presents an upside of 28.2%.

October saw bookings up 12% compared to the same month in 2019, underscoring consumer focus on travel coming out of the pandemic. Bookings in the month are up 30% compared to 2019 levels, though that rate could change given cancellations.

Booking Holdings was up 4.8% Thursday. The stock has lost 22.5% since the start of 2022.

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— Alex Harring

This moment is a 'sweet spot' for investing, Josh Brown says

Investor Josh Brown is liking this time of year.

He pointed to seasonal patterns showing that the end of the calendar year is typically a good time for equity markets. Brown also said the period following midterm elections, which will take place next week, has also historically been positive.

"This is the sweet spot right here," Brown said on CNBC's "Halftime Report."

As for the impact of the November Federal Reserve meeting on a year-end rally, he said to not use the language from Chair Jerome Powell as an excuse to sit out. Brown said Powell wanted to avoid making rate hikes, which are done in an attempt to tighten the economy and bring down inflation in turn, only to see the market "throw it out the window" on overly dovish language.

If the S&P 500 ends the year where it is now, he said 2022 will be looked back on as "lousy" but resilient for the market given how it performed despite big technology's disappointing earnings and the Fed's interest rate hikes.

"We'll look back on this and say it was a pretty lousy year, both for stock investors and for bond investors," he said. "However, the wheels did not come off."

— Alex Harring

Stocks making the biggest moves midday

Here are three names making headlines in midday trading.

  • Under Armour — Shares of the athletic apparel maker jumped 11.6% after the company reported better-than-expected earnings for its latest quarter, along with revenue that was roughly in line with Wall Street forecasts.
  • Qualcomm — Shares of Qualcomm slipped 6.1% after the company gave a first-quarter guidance that fell below expectations, citing weak demand in China and inventory problems. The company reported adjusted earnings per share of $3.13, in line with Wall Street expectations. Revenues in the quarter were $11.39 billion compared to the estimate of $11.37 billion.
  • Zillow — The stock jumped more than 12% after Zillow's third-quarter earnings and revenue beat expectations. The real estate tech company reported earnings of 38 cents per share on revenue of $483 million. Analysts surveyed by Refinitiv forecasted earnings of 11 cents per share on revenue of $456 million.

Check out the full list here.

— Sarah Min

Amazon to freeze corporate hiring

Amazon said in a memo Thursday that it's freezing hiring for corporate roles.

The technology giant had previously said in October that it would pause hiring in those positions for its retail business.

Shares of the e-commerce company traded about 2% lower on Thursday.

— Annie Palmer, Samantha Subin

Stripe cuts 14% of workforce

Stripe is laying off about 14% of its employees as it grapples with a difficult macro environment, CEO Patrick Collison said in a memo to workers on Thursday.

The memo cited rising inflation and elevated interest rates among the reasons for the layoffs. The cuts are will eliminate roughly 1,100 employees, bringing the company's total workforce to about 7,000, and largely expected to impact the company's recruiting division.

Collison also said that Stripe grew operating costs too quickly and had over anticipated the internet economy's growth.

Stripe joins a slew of companies including Netflix, Spotify, and Coinbase which have already announced layoffs amid the difficult economic climate. Other technology companies have announced highering freezes to cope with a worsening outlook, namely Amazon and Meta Platforms.

— Annie Palmer, Samantha Subin

ETFs on pace for second-biggest year ever

Brutal market volatility in 2022 has failed to keep investors on the sidelines.

In fact, some $509 billion has flowed into exchange-traded funds so far, making it on pace for the second-best year in history after 2021, according to State Street Global Advisors. The firm runs the SPDR family of ETFs, the third-largest firm in the industry with $977.4 billion in assets.

By far the biggest share of cash has gone to equity funds, which have taken in $352.9 billion so far, despite a year-to-date plunge of more than 21% in the S&P 500. Fixed income is next with $152.5 billion in inflows, with other categories making small contributions.

In October alone, equity ETFs attracted $63.9 billion in flows while fixed income saw $27.6 billion.

"This October doled out a fresh surprise to investors. Risk assets rallied after months of Federal Reserve rate hike fueled negativity. Global equities posted their best October return since 2015 and their best overall monthly return since this past July," wrote Matthew Bartolini, head of SPDR Americas Research for State Street. "This rally was a welcome sight."

—Jeff Cox

Shares of Lyft slip after it announces 13% workforce cut

Shares of Lyft fell 2.25% Thursday and were moving even lower after the ridesharing company said it will cut 13% of its workforce. The move is due to a potential recession on the horizon and rising rideshare costs. The cuts will impact all teams.

The news comes after a rough year for the stock, which announced a 2% workforce cut in July. Shares of Lyft have dropped about 67% this year, underperforming the broader market.

—Carmen Reinicke, Lauren Feiner

Citi says EPS recession is on the horizon

A global earnings-per-share recession is about to hit, according to Citi.

"We think the next global EPS recession is about to begin, the 8th in the past 50 years," wrote strategist Robert Buckland in a note published Thursday. "Our models suggest the MSCI World index is already pricing in a 5-10% earnings contraction, well below the 5% increase predicted by the analyst consensus for 2023."

Should this recession occur, expect the MSCI World to shave off 20% to 30%, Buckland said, noting that the previous seven EPS recessions on average spanned two years and brought a 31% decline in earnings.

Buckland also said consensus expectations for estimates of 5% growth next year are "too high" compared to Citi's forecast, which projects a 5% to 10% contraction. A hard landing scenario would also suggest a roughly 20% decline in earnings.

"We remain concerned that interest rate obsessed equity markets have yet to price in the true earnings impact of a full-blown economic slowdown," Buckland wrote, adding that higher valuations put the U.S. at greater risk of an earnings disappointment.

— Samantha Subin

Conocophillips, Humana notch all-time highs, Meta Platforms trading at lowest level since 2015

Two S&P 500 stocks hit fresh highs during Thursday's trading session, while Meta Platforms traded at levels not seen since October 2015.

That included shares of Conocophillips, last trading at all-time highs dating back to its 2002 merger between Conoco and Phillips Petroleum. Humana also traded near levels not seen since its IPO in 1968 as Extendicare.

At least 42 stocks hit fresh lows, including a slew of big technology companies as the tech selloff continued. Along with Meta Platforms, Amazon's stock last traded at its lowest level since March 2020.

These stocks also slid to new lows:

  • Alphabet C share trading at lows not seen since January 2021
  • Alphabet A share trading lows not seen since January 2021
  • Lumen Technologies trading at lows not seen since December 1988
  • Paramount trading at lows not seen since May 2020
  • VF Corp. trading at lows not seen since September 2011
  • Estee Lauder trading at lows not seen since July 2020
  • Fidelity National Information Services trading at lows not seen since March 2016
  • Fortinet trading at lows not seen since May 2021
  • Global Payments trading at lows not seen since January 2019
  • Microsoft trading at lows not seen since January 2021
  • Qualcomm trading at lows not seen since July 2020
  • Seagate trading at lows not seen since November 2020
  • Equity Residential trading at lows not seen since January 2021
  • Essex Property Trust trading at lows not seen since November 2020
  • Edwards Lifesciences trading at lows not seen since July 2020
  • Thermo Fisher Scientific trading at lows not seen since June 2021
  • DENTSPLY trading at lows not seen since May 2009

— Samantha Subin

Stock indices losing key technical levels in post-Fed sell-off

Small cap indices and the S&P 500 have fallen below their hard-won 50-day moving averages in the post-Fed sell-off.

A hawkish Federal Reserve Chairman Jerome Powell sparked a sell-off during his media briefing Wednesday afternoon, with his warning that the Fed is not near a pause and that it could raise rates even more than it had expected. Stocks closed sharply lower, and the selling continued Thursday. The S&P 500 closed below its 50-day moving average Wednesday for the first time since Oct. 27.

Small cap indices, which had been leading recent market gains, gave up their 50-day moving averages early Thursday.

The Russell 2000 gapped down below its 50-day moving average level of 1,777.41 at the open, trading below it for the first time since Oct. 25. The S&P 600 Small Cap index was also below the 50-day level of 1,141.86 at today's low trading below the 50-day on an intraday basis for the first time since Oct. 25.

The 50-day moving average is simply the average of the last 50 closing prices in a stock or index. The move above it can be a positive momentum signal.

— Gina Francolla and Patti Domm

All S&P 500 sectors lower, expect energy

All major S&P 500 sectors fell on Thursday, with the exception of energy, which rose slightly.

Information technology and communication services contributed heavily to the benchmark index's losses, falling about 2% each.

Fortinet and Fidelity National Information Services were among the biggest laggards in information technology, falling more than 15% and 18%, respectively.

Qualcomm fell 8% on disappointing guidance, pushing shares of chip stocks like Western Digital and Applied Materials at least 3% lower.

Declines from Warner Bros. Discover, Walt Disney and big technology stocks Alphabet, Amazon and Meta Platforms pushed communications services lower.

Apple's stock shed 3%.

— Samantha Subin

October ISM services PMI hits lowest reading since May 2020

The ISM services purchasing managers index, or PMI, was 54.4% in October, down from the reading of 56.7% in September and less than the 55.5% that economists expected. While the reading above 50% shows that there is still growth in the economy, it is slowing.

It's the lowest reading on the index since May 2020, when it fell to 45.2%. The business activity index slipped to 55.7% and the new orders index fell to 56.5%.

—Carmen Reinicke

Ken Griffin’s hedge fund Citadel is up more than 30% this year

Billionaire investor Ken Griffin's flagship hedge fund has notched a 30% return in 2022 with two months left in the year, according to a person familiar with the returns.

Citadel's multi-strategy flagship fund Wellington rose 1.52% last month, pushing its 2022 performance to 30.67%, the person said. All five core strategies in the fund — commodities, fixed income and macro, equities, quant and credit — were positive year to date, the person said.

Despite the stellar performance this year, the fund underperformed the broader market last month. The S&P 500 rallied 8% in October, while the blue-chip Dow soared 14% for its best month since 1976.

— Yun Li

S&P Global Services PMI adjusted higher

S&P Global Services PMI for October was adjusted higher Thursday to 47.8 from the previous estimate of 46.6.

It remains the weakest reading since August.

— Samantha Subin

British pound sinks after bank raises rates

The British Pound was trading down 2% against the dollar on Thursday at $1.1162, its lowest level since Oct. 14.

The move came after the the Bank of England raised rates by 75 basis points to 3%. It was the largest single hike the from the country's central bank in 33 years.

The pound hit a record low, falling under $1.10, against the dollar in September.

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— Alex Harring, Jenni Reid

Stocks open lower Thursday

Stocks opened lower Thursday after the Federal Reserve indicated its intent to continue hiking rates to curb inflation.

The Dow Jones Industrial Average traded 273 points lower, or 0.85%. The S&P 500 and Nasdaq Composite slid 1.1% each.

— Samantha Subin

Guggenheim downgrades Roku, looks ahead to weaker-than-expected fourth quarter

Guggenheim downgraded Roku to neutral from a buy rating, saying the TV streaming company is showing "warning indicators."

The company's fourth-quarter guidance was a surprise to the firm as it came in below prior forecasts and implied a decline of upfront advertising interest. Net revenue is expected to be down 1% for the quarter after being previously expected to grow 4%.

The stock is trading down 20.8% in the pre-market coming off its earnings report Wednesday.

CNBC Pro subscribers can read more here.

— Alex Harring

Unit labor cost increase slows, trade deficit widens, jobless claims little changed

The cost of labor rose less than expected in the third quarter and at the slowest pace since the beginning of 2021, the Bureau of Labor Statistics reported Thursday.

Unit labor costs, a measure of productivity against compensation, increased 3.5% for the quarter, below the 4% Dow Jones estimate and down from 8.9% in the second quarter. The BLS also reported that productivity rose 0.3% for the quarter, one-tenth of a percentage point below the estimate.

In other economic data releases, weekly jobless claims nudged lower to 217,000 for the week ended Oct. 29. That was also just below the 220,000 estimate.

Also, the trade deficit widened more than expected in September, rising to $73.3 billion, against the estimate for $72.3 billion.

—Jeff Cox

Yield on 2-year Treasury note notches fresh 15-year high

The yield on the 2-year Treasury note notched a fresh 15-year high, hitting its highest level since July 26, 2007, as markets assessed the latest policy move from the Federal Reserve.

Earlier in the session, the 2-year yield hit a high of 4.739%. It last traded 15 basis points higher at 4.724%.

— Samantha Subin

Roku, Under Armour and Etsy among stocks moving in the premarket

These are some of the stocks making headlines before the bell Thursday:

Roku – Roku shares tumbled 20.4% in off-hours trading after the maker of video streaming devices said it expected advertising revenue and device sales to fall in the current quarter. The forecast is weighing on shares despite Roku reporting better-than-expected revenue and a larger-than-expected number of active accounts.

Under Armour – Under Armour jumped 5.6% in premarket action after the apparel maker reported better-than-expected earnings for its latest quarter, along with revenue that was roughly in line with Street forecasts. The rise comes despite Under Armour cutting its full-year forecast for the impact from a stronger U.S. dollar and higher costs.

Etsy – Etsy stock spiked 8.1% in the premarket after the online crafts marketplace reported a better-than-expected quarter, saying its business remained strong in a volatile economic environment.

Crown Holdings  – Crown Holdings rallied 5.6% in the premarket after the Wall Street Journal reported investor Carl Icahn now holds a more than 8% stake in the beverage can maker, and is said to believe the company should buy back more stock and put non-core units up for sale.

Read the full list of stocks moving before the bell here.

— Peter Schacknow, Samantha Subin

Traders split on where the Fed will take interest rates from here

This week's Federal Reserve meeting left markets with little clarity about where interest rates are headed.

Futures pricing Thursday morning pointed to a divide over what the central bank will do at its December meeting. A fifth consecutive three-quarter point hike is seen as a more likely outcome, but with just a 50.4% probability as of 8:15 a.m. ET, according to CME Group data.

Traders in the fed funds futures market did raise their expectation for when the Fed finally stops raising rates. The so-called terminal rate is now viewed at 5.07% by May 2023. Markets are then looking for the Fed to cut toward the end of the year, ultimately taking the benchmark funds rate down to 4.11% by early 2025.

The Fed on Wednesday announced its sixth rate hike of the year, pushing the funds rate to a target range of 3.75%-4%.

— Jeff Cox

Bank of England implements biggest rate hike in 33 years

The Bank of England on Thursday raised its benchmark rate by 75 basis points, its largest hike since 1989 as it looks to curb rising inflation.

The increase marked the central bank's eighth consecutive hike and brought its main lending rate to 3%.

— Elliot Smith, Samantha Subin

Moderna drops on lowered guidance, earnings miss

Shares of Moderna dropped nearly 12% in premarket trading after lowering sales guidance for its Covid-19 vaccine to $18 billion to $19 billion from $21 billion.

The drugmaker also reported earnings and revenue that fell short of Wall Street's expectations. The drugmaker's third-quarter earnings-per-share was $2.53 versus Refinitiv's estimate of $3.30. Revenue came in at $3.36 billion versus the expected $3.53 billion.

While the Covid vaccine is Moderna's only commercially available product, it recently announced a partnership with Merck to develop a cancer vaccine.

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— Michelle Fox, Spencer Kimball

Qualcomm falls on poor guidance as company announces hiring freeze

Shares of Qualcomm dove nearly 9% in premarket trading Thursday after the chipmaker shared weak guidance for its fiscal first quarter and said it enacted a hiring freeze at the beginning of the current period.

Qualcomm said it anticipates adjusted earnings of $2.25 to $2.45 per share on $9.2 billion to $10 billion in revenue for the current quarter. Analysts surveyed by Refinitiv had anticipated EPS of $3.42 on revenue of $12.02 billion.

Earnings and revenue for the fiscal first quarter came in roughly in-line with analysts' expectations.

Other chip stocks fell on the news, with shares of Advanced Micro Devices, Broadcom and Nvidia down at least 1% each.

— Samantha Subin, Jordan Novet

Peloton plummets 20% on wider-than-expected loss, weak outlook

Peloton's stock tumbled 20% in premarket trading Thursday after the fitness company posted a bigger-than-expected loss and offered a disappointing outlook for the holiday quarter.

The company reported an adjusted loss of $1.20 a share on revenues of $616.5 million, reflecting a 23% decline in revenue year-over-year. Analysts surveyed by Refinitiv had anticipated a loss of 64 cents a share on revenues of $650.1 million.

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"Given macro economic uncertainties we believe near-term demand for Connected Fitness hardware is likely to remain challenged," the company said Thursday, with Peloton CEO Barry McCarthy calling the company's turnaround efforts a "work in progress" in an earnings announcement.

For the holiday quarter, Peloton said it expects revenue to come in between $700 million and $725 million, below analysts' estimates of $874 million.

— Jack Stebbins, Samantha Subin

Qorvo gets a double downgrade from JPMorgan

Analyst Harlan Sur downgraded Qorvo to underweight from overweight, noting that, "over our investment horizon (12-18 months) we believe the stock will underperform relative to the group."

The chipmaker's stock dipped 3% in the premarket.

CNBC Pro subscribers can read more here.

— Alex Harring

European stocks retreat as global markets react to another Fed hike

European stocks pulled back on Thursday as global markets react to yet another rate hike from the U.S. Federal Reserve.

The pan-European Stoxx 600 dropped 1.2% in early trade, with tech stocks shedding 2.5% to lead losses as all sectors and major bourses slid into the red.

The Bank of England is expected to implement a similar rate hike to the Fed when it publishes its latest monetary policy decision on Thursday.

- Elliot Smith

Refinitiv data shows U.S. 2-year Treasury yield briefly topping 5.1%

Refinitiv data showed that the U.S. 2-year Treasury yield briefly surpassed 5.1% during Asia's afternoon session. It last stood at 4.6804%.

The reason for the spike was not immediately clear.

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The yield on the 10-year Treasury rose during U.S. hours after Fed Chair Jerome Powell said the terminal rate will still be higher than anticipated – and last stood at 4.1448%.

The yield on the 30-year Treasury bond was also higher at 4.1908%.

Yields move inversely to prices, and 1 basis point is equal to 0.01%.

–Jihye Lee

CNBC Pro: Wall Street slashes price targets this earnings season. Here are 13 U.S. stocks that bucked the trend

Only a handful of companies have avoided a cut on their share price target by Wall Street banks this earnings season, a CNBC Pro analysis has revealed.

Of the nearly 300 companies in the S&P 500 that reported results in the past month, more than two-thirds – 72% – have seen their median price targets slashed or left unchanged by analysts compared to a month ago.

Only 13 stocks have emerged with a meaningfully higher price target of 5% or more and still offered a potential upside of at least 5%.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Roku, Fortinet slump in after hours trading

This earnings season, investors are watching for any signs that companies may struggle or are seeing a weaker economy going forward. Because of this, some stocks have slumped on disappointing forward guidance with strong earnings.

Roku — Shares of TV streaming platform slipped nearly 20% when the company said it sees fourth-quarter revenues lower than Wall Street expects and a larger adjusted EBITDA loss than anticipated. The company reported third-quarter results that beat analysts' forecasts, with a per-share loss of 88 cents compared to a $1.28 loss, according to Refinitiv. Revenue was $761 million, more than the estimate of $694 million.

Fortinet — Fortinet shed more than 13% after the company's quarterly earnings release showed mixed results. The company reported adjusted earnings per share of 33 cents on $1.15 billion in revenue, where analysts expected earnings of 27 cents and $1.12 billion in revenue. Billings, however, were in-line with analyst expectations at $1.41 billion.

Read more about what stocks are moving in after hours trading here.

—Carmen Reinicke

Megacap technology index hit lowest level since July 2020

Technology stocks continue to be hard hit by market volatility and the Federal Reserve's aggressive rate hikes.

The NYSE FANG + Index shed 3.6% on Wednesday, hitting its lowest level since July 1,2020. It also notched its fifth negative day in six.

The index is comprised of a few key megacap technology companies, including the original FANG stocks, Meta, Apple, Amazon, Netflix and Alphabet. It also includes the next five largest and most highly-traded stocks and ADRs across the tech and consumer discretionary sectors - Alibaba, Baidu, NVIDIA, Tesla and Microsoft.

—Carmen Reinicke, Gina Francolla

Stock futures little changed Wednesday evening

Stock futures opened little changed Wednesday evening after a volatile daily session where stocks whiplashed on the Federal Reserve's latest rate hike and commentary about the future of fiscal policy.

Futures tied to the Dow Jones Industrial Average were up initially then slipped 12 points, or 0.07%. Futures tied to the S&P 500 and the Nasdaq 100 were down 0.15% and 0.20%, respectively.

–Carmen Reinicke