The U.S. Nasdaq index is experiencing a significant intraday drop of 2.14%, extending the decline in the stock market. The S&P 500 index also shows a decline of 1.57%, while the Dow Jones Industrial Average is down by 1.30%. The market's negative performance coincides with the ongoing Federal Open Market Committee (FOMC) press conference led by Jerome Powell, Chairman of the U.S. Federal Reserve. Investors are closely monitoring the conference for any updates on the central bank's monetary policy decisions. With interest rate hikes anticipated by analysts, the market is reacting negatively to concerns over the potential impact on economic growth and corporate earnings. Investors are reassessing their positions, leading to the observed sell-off. The broader market sentiment remains cautious as investors await further clarity from the FOMC press conference. The volatility in the Nasdaq index highlights the sensitivity of the tech-heavy sector to interest rate changes. If the Fed adopts a more hawkish stance, the downward trend in the Nasdaq index and other high-growth sectors could continue in the near term.