US stocks ended sharply lower on Wednesday after the FOMC minutes showed the Fed will likely raise rates sooner than earlier anticipated and could reduce its balance sheet shortly after it raises rates.
The Dow Jones sank 393 points or 1.1% to 36407, after closing at a record level the day before; the S&P 500 lost 1.9% to 4701; and the Nasdaq finished 3.3% lower at 15100.
Tech shares resumed the slide, as soaring Treasury yields raised concerns over tech valuation. The real estate sector also tumbled while shares of Merck & Co (2.4%), Intel (1.4%) and Honeywell (1%) booked gains.
As for Canadian shares, the S&P/TSX reversed course to finish 0.9% lower at 21040 on Wednesday, tracking a big fall on Wall Street and soaring bond yields after the latest FOMC statement increased the odds the Fed will faster tighten monetary policy.
The IT sector was the biggest laggard (-3.7%), followed by health care (-3.9%) and industrials (-1.5%). On the other hand, the energy sector ended in the green (0.5%) as oil prices increased.
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