U.S. stock indexes opened sharply lower on Thursday, with growth shares taking the biggest hit, after the Federal Reserve's biggest interest rate hike since 1994 fanned recession worries.

The Dow Jones Industrial Average fell 362.79 points, or 1.18%, at the open to 30,305.74.

The S&P 500 opened lower by 61.81 points, or 1.63%, at 3,728.18, while the Nasdaq Composite dropped 293.13 points, or 2.64%, to 10,806.02 at the opening bell.

As of 10 a.m., losses had widened, with Nasdaq down 3.28%, S&P 500 down 2.79%, and the Dow giving up 689.50 points, or 2.25%.