S&P 500 Gains and Losses Today:Index Tumbles Following Fed Comments, Jobless Claims

U.S. equities sank, with the S&P 500 falling 1.6% after the Federal Reserve said interest rates will likely have to stay higher for longer, and after a big decline in weekly unemployment claims. Bond yields skyrocketed, with the yield on the 10-year Treasury note soaring to the highest level since 2007.
Home builder stocks dropped, with shares of D.R. Horton (DHI) losing 3.7% and PulteGroup ( $PulteGroup (PHM.US)$ ) shares down 3.3%, amid worries higher borrowing costs could squeeze the market further, and following a report showing existing home sales tumbled to a seven-month low.
Cisco Systems ( $Cisco (CSCO.US)$ ) shares dipped almost 4% following the news that the networking equipment maker would buy cybersecurity firm Splunk ( $Splunk (SPLK.US)$ ) for $28 billion. Splunk shares skyrocketed 21%.
Raymond James Financial ( $Raymond James Financial (RJF.US)$ ) shares dropped 4% as the financial firm indicated client assets under management () were 1% lower last month because of a decline in stock prices.
FedEx ( $FedEx (FDX.US)$ ) shares gained 4.5% after the package delivery giant posted better-than-expected earnings as it cut expenses and added customers from rivals UPS (UPS) and Yellow.
Fox ( $Fox Corp-A (FOXA.US)$ ) shares picked up 3% as founder and long-time chair Rupert Murdoch said he was stepping down from the top post at both Fox and News Corp ( $News Corp-A (NWSA.US)$ ), giving full control to his son, Lachlan Murdoch. News Corp shares rose more than 1%.
International Paper ( $International Paper (IP.US)$ ) shares climbed 1% after Truist upgraded the stock and raised the stock price, citing a rebound in demand for container packaging.