Dow's Worst Day Since April Amid Fed Hold, Iran Tensions
Rising Treasury yields and inflation fears pushed the 30-year yield above 5.2%, while investors braced for earnings and key economic data.
- On Wednesday, the Dow Jones Industrial Average plunged more than 1,150 points, marking its worst single-day decline since April 2025 as markets absorbed geopolitical tensions and a Federal Reserve rate decision.
- An Iranian missile attack on American forces in the Middle East escalated tensions, while the Fed held benchmark rates steady at 3.5% to 3.75% for a fifth consecutive meeting, disappointing those expecting action.
- Technology shares bore the brunt of selling pressure, with the iShares Semiconductor ETF falling more than 4% while Micron Technology and Advanced Micro Devices each dropped more than 5% amid AI spending concerns.
- Rising bond yields compounded the selloff as the 30-year Treasury yield jumped 10 basis points to above 5.2%; three regional Fed presidents dissented in favor of a quarter-point rate hike, signaling internal policy disagreement.
- Earnings from Meta Platforms and Microsoft, due after Wednesday's close, will test whether investors remain rattled by geopolitical risk or regain confidence; traders assess if the selloff marks a temporary shock or sustained pullback.
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