Wall St sinks as recession fears ripple through markets; Nasdaq down 3.85%

Growth stocks decline, banks also down; S&P 500 down 22.9% year-to-date

US stock indexes tumbled on Thursday, with high-profile tech shares leading the rout, after the Federal Reserve's largest rate increase since 1994 to combat decades-high inflation fanned worries of a recession.

The selloff was severe as the Fed's aggressive move raised fears of a spate of monetary tightening from global central banks that could slow growth around the world. Switzerland and Britain lifted rates following the Fed's 75-basis-point hike on Wednesday.

Among the mega-caps, Apple Inc, Microsoft Corp and Tesla Inc were some of the biggest losers as investors dumped so-called growth stocks that drove much of the stock-market rally in the