Stocks slump in delayed Fed reaction

Flashback: If you're wondering about the significance of Nov. 2, it was a day when the Fed lifted interest rates by three-quarters of a percentage point, accompanied by hawkish comments from Fed chair Jerome Powell, who said the central bank still had "a ways to go" before it stopped hiking.

• Powell delivered a similar message Wednesday, saying there would be more pain to come for the economy, as the Fed continued raising rates. (The bank also raised rates by half a percentage point.)

The bottom line: Hopes that a rally this week could shave some of the ugly edges off a bad year for the stock market aren't panning out.

• The S&P 500 is down now down 18.3% for the year, putting it on track for its worst performance since 2008.