Dow sinks more than 500 points in whiplash trading session after Fed raises interest rates by 75 basis points

The US stock market closed sharply lower on Wednesday after Federal Reserve Chairman Powell signaled that there would be more hikes in the near future.

The Fed expects the fed funds target rate to be just under 4.5% at the end of the year. The Fed could raise interest rates by another 75 basis points by the end of the year.

The fed funds target rate is closer to 5% according to comments from Powell in his press conference.

"With inflation proving to be far stickier than imagined, the Fed repeated that activity needs to slow much more with the door left wide open for a fourth consecutive 75bp hike in November."

At 4:00 p.m., the US index stood here. Close on Wednesday.

There are other things happening this morning.

Commodities and bonds are included.

• West Texas Intermediate crude oil fell 0.26% to $83.72 per barrel. Brent crude, oil's international benchmark, rose 0.09% to $90.70.
• Gold rallied 1.16% to $1,690.50 per ounce.
• The yield on the 10-year Treasury fell 4 basis points to 52%. The 10-year yield hit an intra-day high of 3.619%.
• Bitcoin rose 0.48% to $19,120, while ether climbed 0.36% to 1,341.