Finance

Major U.S. stock indexes fell following the Federal Reserve's signals of potential future rate increases. The S&P 500 dropped 1.2%, while the tech-heavy Nasdaq Composite and the Dow Jones Industrial Average saw declines of 1.3% and 1.0% respectively, with large-cap technology stocks such as Microsoft and Amazon acting as significant drags on the market.

Oil and gasoline prices decreased following the signing of an interim deal between the U.S. and Iran to end hostilities and reopen the Strait of Hormuz. U.S. average gasoline prices fell below the $4.00 per gallon mark for the first time since March, while Brent crude dropped to approximately $78.50 per barrel as supply concerns eased.

Yields on U.S. government debt moved higher as markets adjusted to the Federal Reserve's more aggressive inflation forecast. The 10-year Treasury yield held near 4.46% while the policy-sensitive 2-year yield jumped 11 basis points to 4.16% as investors began pricing in a high probability of a rate hike by September.