Finance

Markets are recalibrating following a hawkish turn by the Federal Reserve, with new Chairman Kevin Warsh emphasizing inflation control. This shift has led to increased expectations for interest rate hikes later this year, pushing the U.S. dollar to a 13-month high and keeping Treasury yields elevated near 4.5%.

Recent post-IPO jitters for SpaceX led to a 16% drop in its stock price, marking a three-day losing streak that wiped out billions in market value. This downward pressure on the high-profile newcomer added to the general malaise affecting major technology and growth-oriented assets.

International crude prices fell as reports surfaced of progress in peace talks between the United States and Iran, potentially easing energy supply concerns. Brent crude dropped to around $76 a barrel as shipping activity through the Strait of Hormuz began to show signs of gradual normalization.