Dow Jones Drops Nearly 800 Points Following Powell's Hawkish Remarks

The Dow Jones Industrial Average dropped nearly 800 points following the Federal Reserve's decision to hold rates and Chair Jerome Powell's hawkish tone. U.S. stocks continued their slide during Friday's session, leading the Dow, S&P 500, and Nasdaq to record their fourth consecutive weekly loss. Geopolitical tensions in the Middle East and a spike in oil prices further intensified the selloff, leaving the Dow trading 8% below its record high. This downward momentum weighed heavily on major ETFs like SPY and QQQ, while Bitcoin fell below the $70,000 mark as risk aversion intensified. Meanwhile, the Fear and Greed Index entered "Extreme Fear" territory, highlighting heightened market anxiety. These developments underscore the market's reaction to persistent inflation concerns and escalating global risks that continue to pressure equity valuations.