Wall Street.
The three major U.S. stock indices all closed lower.
The Nasdaq dropped over 1% as it corrected more than 10% from its all-time high, while the S&P 500 fell 1% and the Dow Jones Industrial Average weakened by over 2%.
By sector, industrials sensitive to geopolitical risks tumbled 3%, and technology stocks also posted losses of over 2%.
As armed conflicts between the U.S. and Iran resumed, international oil prices surged, reigniting inflation concerns.
Brent crude broke past the $90 per barrel mark, surging 7.9%, and West Texas Intermediate (WTI) also jumped more than 6% facies.
Meanwhile, while the Federal Reserve froze its benchmark interest rate for the fifth consecutive time, three members cast dissenting votes advocating for a rate hike, marking the first time since 2016 that three dissenters emerged simultaneously.
Although Federal Reserve Chair Kevin Warsh emphasized his commitment to price stability during a press conference, it fell short of calming anxieties in the bond market.
Amid surging oil prices and inflation worries, Treasury yields spiked, with the 30-year Treasury yield reaching its highest level in 19 years since 2007.
Semiconductor-related stocks also saw notable declines.
Weighed down by concerns over the profitability of AI investments and intensifying competition with China, Nvidia dropped over 3%, and Micron slumped 9%.
Meanwhile, Meta, which reported its earnings after the market close, saw its second-quarter revenue beat estimates, but with its third-quarter guidance falling short of market expectations, it is currently tumbling more than 9% in after-hours trading.
As the Fed's monetary policy direction and geopolitical risks intertwine, the market is closely watching the earnings reports of Apple and Amazon scheduled for tomorrow (the 31st), along with the June core PCE inflation data.
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