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Dow Jones drops over 700 points after rate hike
The U.S. markets were deeply affected following the Federal Reserve's decision to raise interest rates by 25 basis points to a range of 3.75% to 4.0%, the first such increase since July 2023. Although the decision was expected, statements by Fed Chairman Jerome Powell, emphasizing persistent high inflation and the possibility of another increase before the year's end, prompted stock indices to decline, with the Dow Jones falling by over 717 points (-1.38%) and the S&P 500 down by 0.5%. This also caused the 10-year Treasury bond yield to rise above 5%, with the decline primarily centered in the financial sector amid concerns about slowing economic growth and a potential recession. In contrast, the semiconductor sector experienced gains, driven by expectations of positive negotiations regarding joint manufacturing.
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