Stock markets reel under the weight of soaring bond yields and hawkish Fed commentary, with fintech stocks taking a beating.

The Dow took a nosedive on Wednesday, shedding 1,123 points in its worst session of the month. The culprit? A Federal Reserve announcement that hit Wall Street like a cold bucket of water. While the Fed opted to keep rates unchanged for December, Chairman Jerome Powell’s comments about a “higher for longer” rate environment sent shivers down traders’ spines.