Finance

U.S. stock indexes plunged with the Dow Jones Industrial Average dropping over 600 points as market participants reacted to the central bank's hawkish policy path. The S&P 500 and Nasdaq also reversed their early gains to close firmly in negative territory, wiping out significant market value across equities.

Crude oil futures extended their losses as worries over Middle Eastern geopolitical disruptions subsided following news that Saudi Arabia is offering extra crude cargoes. Both Brent and West Texas Intermediate futures fell by over 1% but managed to keep holding above the $100 per barrel threshold.

Global spot gold prices faced downward pressure and fluctuated around $4,285 per ounce in response to the Federal Reserve's rate hike. While the rising interest rate environment increases the opportunity cost of holding non-yielding safe-haven assets, underlying geopolitical tensions have limited a broader selloff.