Sliding energy and materials stocks dragged down Wall Street Thursday, adding to the gloom after the Federal Reserve dampened hopes for an interest rate cut this year.

The Dow fell nearly half a percent.

The Nasdaq declined for the third straight day.

Edward Jones investment strategist, Kate Warne: SOUNDBITE: EDWARD JONES INVESTMENT STRATEGIST, KATE WARNE, (ENGLISH) SAYING: "I think we are seeing a reaction to higher long-term interset rates which is in response to the Fed basically saying they thought that any sign of lower inflation was transitory, and that as a result, they weren't planning to cut short-term interest rates.

Which some people had been expecting." Tesla shares zoomed higher.

The electric vehicle maker seeks to raise up to $2.3 billion by issuing new shares and debt.

Analysts say Tesla needs funds to build its plant in Shanghai and ramp up Model 3 sedan production.

Beyond Meat sizzled on its debut on the Nasdaq.

Shares of the vegan burger maker more than doubled, valuing the startup at roughly $4 billion.

Under Armour shares shot higher.

Strong sneaker sales helped push profit well past estimates, and the sportswear maker raised its full-year earnings forecast.