Finance

Wall Street benchmarks turned sharply lower as investors reacted to the Federal Reserve's restrictive monetary policy signals. The Dow Jones Industrial Average dropped over 600 points, or 1.2%, while the S&P 500 and Nasdaq composite also retreated from recent high marks as surging borrowing costs weighed heavily on broader equity valuations.

Crude oil futures extended recent losses, with Brent falling toward $104 a barrel and West Texas Intermediate dropping to around $101. Market concerns over severe geopolitical disruptions in the Middle East were mitigated after reports surfaced that Saudi Arabia is supplying additional crude cargoes via alternative channels.

International gold prices experienced downward pressure, fluctuating around $4,285 per ounce following the aggressive rate posture from the Federal Reserve. The prospect of sustained high interest rates increased the opportunity cost of holding non-yielding bullion, overshadowing lingering safe-haven demands linked to geopolitical friction.