Wall Street indexes fall more than 1% hit by tech and Iran war worries

💡 Wall Street indexes dropped more than 1% amidst tech sector and Iran war concerns.

The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs "greater confidence" that inflation is sustainably declining before it will consider easing policy.

The 10-year Treasury yield surged to 4.8% in the aftermath, its highest level since October 2023. $TLT fell sharply as bond traders repriced the timing of the first cut from March to June.

Tech Sector Weighs on Markets The tech sector suffered significant losses, with $NVDA plummeting **6.5%** and $AAPL declining **4.2%**. $MSFT and $GOOGL also saw substantial declines, further exacerbating the downturn in the sector.

Iran War Worries Contribute to Market Volatility Tensions in the Middle East continue to escalate, with the prospect of war between the US and Iran fueling investor anxiety. The conflict has significant implications for global oil supplies and geopolitical stability, contributing to increased market volatility.

Investors Left Reeling as Markets Plummet The sharp decline in the market left many investors reeling, with some wondering if this is the beginning of a larger downturn. With interest rates unlikely to be cut anytime soon, the outlook for the economy remains uncertain.