The S&P 500 fell 1.21% to 7,420.10, while the Nasdaq Composite and Dow Jones Industrial Average decreased by 1.34% to 26,021.66 and 0.98% to 51,492.55, respectively, as investors reacted to hawkish signals from the Federal Reserve. This drop occurred on the first meeting under new Chairman Kevin Warsh, where the Fed unanimously decided to hold rates steady, but nine out of 18 members predicted at least one rate hike this year.
Gold prices declined by 1.77% to $4,254.65, and the 10-Year Treasury yield rose to 4.49%. Major tech stocks, including Meta Platforms, Microsoft, and Amazon, experienced declines, while ASML Holding rose 4% on optimistic AI spending news regarding SpaceX. Market volatility led investors to be selective in the semiconductor sector, influenced by potential rate hikes which may increase borrowing costs and affect consumer spending.
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