The Dow Jones Industrial Average dropped 1,153 points, or 2.2%, to close at 51,594.14, while the S&P 500 fell 1.5% to 7,316.15 and the Nasdaq slipped 1.7% to 24,442.94. Brent crude oil prices surged 7.3% to settle at $88.09 per barrel after fighting resumed in the war with Iran, reviving fears of an inflation reacceleration. The Federal Reserve opted to keep interest rates steady, despite market expectations betting on roughly a 34% probability of a rate hike. Technology stocks suffered from this environment, with significant declines for Nvidia (-3.6%), KLA Corp. (-10.8%) and South Korea’s Kospi index (-6%), as long-term Treasury yields reached their highest level in nearly a year.
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