call it a delayed reaction but the federal reserve’s signal that its main policy rate will likely peak above 5 and say there for a while was getting the blame for thursday’s painful stockmarket rout the sp 500 index spx was off 25 heading for its worst daily drop in three months with losses in its ratesensitive communication services and information technology sectors leading the way lower those sectors were down 41 and 36 respectively at last check according to factset