Call it a delayed reaction, but the Federal Reserve’s signal that its main policy rate will likely peak above 5% and stay there for a while was getting the blame for Thursday’s painful stock-market rout.

The S&P 500 index SPX fell 2.5%, posting its worst daily drop in two months, with losses in its rate-sensitive communication services and information technology sectors leading the way lower. Those sectors skid 3.8%, according to FactSet.

Technology…

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