As anticipated, the U.S. Federal Reserve hiked interest rates for the 10th time in a row. Lifting 25 basis points, Fed Chair Jerome Powell hinted at an upcoming pause on such hikes but did say slow inflation progress will likely contribute to a delay for rate cuts. In response, the major indexes closed lower, with the Dow logging a second-straight triple-digit loss.

Oil Extends Steep Losses

Oil extended yesterday's drop, today marking its lowest close in over six weeks. Recession and demand fears continued to circle the commodity. June-dated crude dropped $3.06, or 4.3%, to close at $68.60 per barrel.

Before the Fed's announcement, gold futures settled Wednesday higher, though in after-market trading shares seem to be shifting. The June-dated commodity added $13.70 or 0.7%, to close at $2,037 an ounce.

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