The battle against persistently elevated inflation is just getting started.

Fed rate hike fails to calm troubled markets as Dow falls 600 points. Expect more sharp swings in stocks and bonds.

The Dow Jones index sold off more than 600 points Wednesday after the Fed's rate hike and Fed Chair Kevin Warsh's hawkish comments.

According to CME FedWatch data, there is a 92.4% probability that the Fed will hike interest rates by 25 basis points from the current 3.50% to 3.75%.

US stocks tumble after the Fed raises rates and warns inflation remains high, while oil above $100 and Treasury yields keep Wall Street under pressure.

Dow Jones| Nasdaq | S&P 500 | US Stock Market Today |Live Updates: US stock futures fell on Tuesday as rising oil prices, elevated Treasury yields and uncertainty over AI demand weighed on sentiment.

AI stocks, including leading chipmakers, declined on Monday. Nvidia Corp. (NVDA) lost more than 3% of its value at close, while Micron Technologies (MU) fell more than 5%. The iShares Semiconductor ETF (SOXX) also lost more than 5% at close.

If NASDAQ settles below the 29,000 level, it will head towards the support, which is located in the 28,800 – 28,850 range. Dow Jones suffered a strong sell-off as traders focused on Fed’s rate hike. Boeing, which was down by -5.7%, was the biggest loser in the Dow Jones index today.

Dow Jones falls 150 points while Nasdaq rises as investors await the Fed decision, track oil prices, Treasury yields and semiconductor stocks.