Square Files for IPO

The Dow launched into sell-off mode mid-way through Wednesday's trading and never looked back.

We've pinpointed the sharp move lower to the 1 p.m. hour, right when FOX Business aired an exclusive, live interview with Richmond Federal Reserve Chief Jeffrey Lacker. He says rates are too low and the time to hike is now.

The Dow dropped 157 points to close at 16,924. The S&P shedding 9 points and the Nasdaq lost 13 points.

Netflix (NASDAQ:NFLX) tanked after hours as the streaming service missed earnings estimates on both profit and revenue. Netflix says the plan is to break even through 2016 and deliver profits thereafter. Third quarter results have historically been tough on Netflix shares

Some major news after the bell; Square announced it will file to go public. The mobile payment service was founded in part by Twitter (NYSE:TWTR) Co-Founder Jack Dorsey. Dorsey is CEO of both Twitter and Square. Square is valued at over $6 billion.

McDonald's (NYSE:MCD) all-day breakfast turned shares into hot cakes, hitting a lifetime high Wednesday of 104.36. Shares closed lower by half a percent, but are up double digits since the announcement of all-day breakfast last month.

Another big name mover; Wal-Mart (NYSE:WMT) took a bath Wednesday, falling the most since 1988! It closed down more than 10% after warning full-year sales growth would be flat due to the strong dollar.

The sell-off also hammered other retailers including Pier 1 Imports (NYSE:PIR), Target (NYSE:TGT), Best Buy (NYSE:BBY), Dollar Tree (NASDAQ:DLTR), and Sears (NASDAQ:SHLD).