Market Overview

The Fed’s hawkish stance sent U.S. stocks tumbling. $Dow Jones Industrial Average (.DJI.US)$ plunged over 1,000 points, marking its 10th consecutive losing session—the longest streak since 1974. $S&P 500 Index (.SPX.US)$ fell nearly 3%, its worst drop on a rate cut day since 2001, while $Nasdaq Composite Index (.IXIC.US)$ slumped over 3%. $Tesla (TSLA.US)$ led tech giants lower, falling more than 8%. The semiconductor index dropped nearly 4%, with $Broadcom (AVGO.US)$ losing almost 7%. $NVIDIA (NVDA.US)$ turned negative after an intraday gain of nearly 5%, and $Micron Technology (MU.US)$ fell over 17% after issuing weak guidance.

The Fed slashed future rate cut expectations, raising fears that further cuts won’t come soon. The U.S. dollar index jumped over 1% to a two-year high. Offshore yuan fell 400 points, breaking below 7.32 to a one-year low. U.S. Treasury yields rose, with multiple maturities climbing 10 basis points.

Gold plummeted over 2% intraday to a one-month low. Oil prices spiked nearly 2% before paring gains post-Fed decision. Bitcoin crashed over $6,000, briefly falling to just under $100,000.

In Asia, Chinese and Hong Kong stocks rose, with the STAR 50 and $Hang Seng TECH Index (800700.HK)$ up over 1%. Long-term bond yields surged following central bank interventions.