Nasdaq has got a patent outlining how blockchain could be used to release information as part of a wire service. Here, people walk by the Nasdaq MarketSite in Times Square, New York City, July 30, 2018. Spencer Platt/Getty Images

U.S. stocks plunged Thursday on yesterday's news that the Federal Reserve would raise interest rates by half a point. Technology stocks saw a sharp drop, while long-dated Treasury yields rose to new highs.

The Dow Jones Industrial Average fell 1,063.09 points, or 3.12%, to 32,997.97 The S&P 500 dropped 153.25 points, or 3.56%, to 4,146.89, and the Nasdaq Composite was down 647.17 points, or 4.99%, to 12,317.69.

The downturn erased Wednesday's gains that saw the Dow jump 932 points, or 2.81%, the S&P 500 gain 2.99%, while the Nasdaq Composite jumped 3.19%.

On Wednesday, the Fed approved a half-percentage-point interest-rate increase to reduce inflation.

"Thursday's stock sell-off suggests that Wednesday's post-FOMC market action was a relief rally. We are still not out of the woods yet, as there is still too much uncertainty over how the Federal Reserve's actions will tame inflation without causing a recession," Zach Stein, chief investment officer of Carbon Collective, wrote in an email Thursday. "The concerns that triggered the stock market correction over the past few months, such as inflation, the Russia and Ukraine war and surging oil prices, are still with us and haven't been resolved yet."