Major US stock indices extended their sell-offs on Thursday, as the sharper-than-expected retreat in retail sales and manufacturing underscored the slowdown in the economy after the Federal Reserve doubled down on its hawkish pledges. The US central bank raised the target for its funds rate by 50bps yesterday, as expected, while the Summary of Economic Projections showed it expects to raise interest rates to a higher level for longer. At the same time, unemployment was revised higher and the growth rate was nearly slashed in half for the next year. The Dow closed 760 points lower and the S&P 500 slipped 2.5%. Meanwhile, the Nasdaq underperformed and declined 3.2% amid pressure from policy-sensitive tech and high-growth stocks. Apple shares dropped nearly 5%, while Netflix plummeted 9% amid rumors that it may return money to advertisers after missing viewing targets.