Stock futures fell Thursday, deepening losses for the week, as investors come to terms with the Federal Reserve’s plans to keep interest rates at higher levels for a longer time period than hoped.

Futures tied to the Dow Jones Industrial Average were lower by 215 points, or 0.6%. S&P 500 futures lost 0.9%, while Nasdaq 100 futures slid by 1.2%. All three major benchmarks headed for their third negative session in a row.

The three major averages closed at session lows Wednesday after the Federal Reserve said it would leave interest rates unchanged, but forecast another rate hike before the end of the year. The central bank also indicated fewer rate cuts next year, essentially saying it would need to keep rates higher for longer because stubborn inflation.

Fed Chair Jerome Powell commented after the decision that a soft landing for the economy was still possible, but not his baseline scenario. 

Market rates have jumped in response to the Fed’s new outlook with the 10-year Treasury yield hitting 4.43%, its highest in more than 15 years.

Tech shares have led the losses this week as investors may rethink buying growth-oriented stocks if interest rates are going to remain high. Tesla, Alphabet, Meta Platforms and Nvidia were lower in premarket trading Thursday.

Marketing automation firm Klaviyo, which debuted on the public markets Wednesday, slipped nearly 2% in the premarket Thursday. That made the stock the latest in a string of promising IPOs that turned lower this week.

FedEx bucked the negative trend, gaining 5% after the delivery company posted adjusted earnings of $4.55 per share in its fiscal first quarter, while analysts called for $3.73 per share, per LSEG.

Additional economic data awaits traders on Thursday, with weekly jobless claims due before the opening bell, as well as existing home sales data out later that morning.