Technology companies led stocks lower on Wall Street Thursday as investors weighed the implications of higher interest rates as the Federal Reserve prepares to begin raising rates next year to fight inflation.

The S&P 500 fell 0.9% and the tech-heavy Nasdaq slid 2.5%, its biggest drop since September. Traders were also considering other moves by global central banks.

The Bank of England became the first central bank among leading economies to raise interest rates.

The European Central Bank still plans to trim its pandemic stimulus, but not abruptly.

The yield on the 10-year Treasury note fell to 1.43%.