U.S. stocks tumbled following Federal Reserve’s chair Jerome Powell’s clear message that rates will continue to stay high for some time. Treasury yields rose.
S&P 500 sank to its lowest since mid-June and the tech-heavy Nasdaq 100 fell nearly 4%. Other major equity indexes also fell below their 100-day price averages. Elsewhere, oil rose as Powell’s remarks towards rate hikes may slow demand. OPEC+ may also limit production in the bid to stabilise the market. Gold fell and Bitcoin fell to nearly $20,000 levels.
Back home, India’s stock benchmarks snapped five-week winning streak, dragged by losses in information technology and pharma stocks on Friday.
The local currency appreciated by 1 paise against the U.S. dollar.