Trump's use of the word correction to describe the sell-off could be significant.
After the Nasdaq Composite index and the Dow Jones dropped more than 4% and 800 points respectively on Wednesday, Trump said "it's a correction that we've been waiting for for a long time".
Despite Wednesday's sell-off, the S&P 500 would still need to more than double its losses. It has fallen almost 5 percent from its all-time closing high on September 20.
Bourses in Paris and Frankfurt both lost more than two percent, while London fell 1.3 percent.
Technology and internet-based companies are known for their high profit margins, and many have reported explosive growth in recent years, with corresponding gains in their stock prices.
Strong economic data and a positive outlook from Fed officials have led to a sell-off in US Treasury bonds, particularly longer-term ones, sparking concerns about even higher interest rates.
"No I think the Fed is making a mistake", he said.
President Donald Trump tried to explain why the Dow Jones had a bad dip on Wednesday, and blamed the Federal Reserve Bank.
Steve Massocca, senior vice president at Wedbush Securities in San Francisco, said he thought the downturn would be short-lived.
The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the USA economy would enjoy at least three more years of economic growth. "I think we don't have to go as fast".
He has frequently criticized the U.S. central bank for gradually raising interest rates, and on Wednesday reiterated his position: "I really disagree with what the Fed is doing".
"The Fed has gone insane", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally.
The Fed traditionally remains outside the purview of the President, though Trump has at moments blurred the lines by commenting on Fed policy.
"It is clearly a necessary development for those economies that are showing much improved growth, inflation that is picking up... unemployment that is extremely low", she told reporters in Bali where the Fund is meeting.
"Clearly stocks are spooked by higher rates and maybe some inflation that seems to be creeping in", said Michael Farr, CEO of Farr, Miller & Washington.
US President Donald Trump addresses supporters during a campaign rally at Mayo Civic Center in Rochester, Minnesota October 4, 2018.