Nasdaq drops more than 1% | $20 billion Figma deal a coup for startup investors | Top dividend stock picks

The three major indexes struggled on Thursday.

VIEW IN BROWSER | SUBSCRIBE THU, SEP 15, 2022 EVENING BRIEF AS OF THU, SEP 15, 2022 • 04:41 ET DJIA 30961.82 -0.56% -173.27 S&P 500 3901.35 -1.13% -44.66 NASDAQ 11552.36 -1.43% -167.32 Most Active DOW NAME LAST CHG %CHG AAPL 152.37 -2.94 -1.89% INTC 28.84 -0.34 -1.17% MSFT 245.38 -6.84 -2.71% S&P 500 NAME LAST CHG %CHG AAPL 152.37 -2.94 -1.89% AMD 76.66 -0.79 -1.02% TSLA 303.75 +1.14 +0.38% NASDAQ NAME LAST CHG %CHG AAPL 152.37 -2.94 -1.89% AMD 76.66 -0.79 -1.02% TSLA 303.75 +1.14 +0.38% EDITOR'S NOTE Stocks struggled on Thursday as a mixed batch of economic data stoked rising concern that the Federal Reserve's rate-hiking plan will tip the economy into a recession.    In at least one part of the economy, however, the Fed's aggressive action on interest rates has already caused a significant slowdown. Mortgage rates jumped above 6% this week for the first time since 2008, according to Freddie Mac.  That move comes as short-term Treasury yields keep making new highs, implying that investors are preparing for more Fed hikes in the coming months.    In theory, rising mortgage rates could lead to falling housing prices, making the market less daunting for prospective home buyers. But the move has been so sharp that it instead appears to be exacerbating a shortage of housing in some areas and keeping prices elevated, since many homeowners have existing mortgages that are way below market rates.    "Many entry level buyers have been priced out of the market while current homeowners are locked in a favorable rate," Bank of America homebuilder analyst Rafe Jadrosich said in a note to clients Thursday.    "We still see positive long-term drivers to new home demand including a demographic tailwind and a shortage of homes following a decade of underbuilding, but expect the current buyer's 'strike' to continue until the economic outlook improves or home prices/rates drop," Jadrosich added.  Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Nasdaq drops more than 1% as market comeback stumbles, Dow closes at lowest level in two months Railroads and labor unions reach tentative deal to avert strike $20 billion Figma deal is a historic coup for startup investors in an otherwise miserable year Bed Bath & Beyond is closing about 150 stores. Here's a map of ones on the list so far Ether falls after the smart contracts network completes long anticipated 'merge' The Fed is facing a growing split in opinions on what it should do next Morgan Stanley believes this is the perfect time for dividend stocks and these are its top picks Retail sales growth sluggish in August as consumers fight to keep up with inflation Altimeter Capital's Brad Gerstner reveals a new stake in Tesla Adobe shares plunge on deal to acquire design platform Figma for $20 billion TOP VIDEO CFPB wants buy now, pay later companies to be regulated like credit-card companies CNBC PRO Here are the investments sophisticated 401(k) participants are buying SPECIAL REPORTS Why Patagonia's billionaire founder gave away his $3 billion company to fight climate change: 'Earth is now our only shareholder' How the top financial habits of 'super savers' can help you 'build the most wealth' Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS