Finance

Major equity averages retreated following the central bank's hawkish policy update and signals of sustained high interest rates. The Dow Jones Industrial Average dropped more than 600 points, or 1.2%, while the S&P 500 fell 0.4% as a broad-based selloff dragged down nine out of eleven primary market sectors.

Yields across the fixed-income curve advanced on expectations of sustained restrictive monetary policy, with the 10-year Treasury note yield climbing past the 5% milestone. The upward momentum in yields has intensified pressure on stock valuations while drawing significant investor focus ahead of key upcoming economic indicators.

While the broader stock market faced downward pressure, energy equities recorded solid gains, with the Energy Select Sector SPDR surging 2.3%. The sector's resilience is supported by Brent and WTI crude futures trading firmly above $100 per barrel following geopolitical supply disruptions in Saudi Arabia.