US Stocks Plunge as Fed Rate Hike Expectations Mount

The US stock market plummeted on September 15 (local time) as investors predicted that the Federal Reserve would continue to raise interest rates at its upcoming policy meeting. The Dow Jones industrial index fell by 328.09 points, equivalent to a 0.63% decline, settling at 52,093.11 points.

The S&P 500 index lost 34.25 points (0.45%) to 7,585.73 points, while the Nasdaq Composite technology index dropped 204.84 points (0.78%) to 25,981.57 points. The widespread decline was led by non-essential consumer goods and utility services.

However, energy and materials sectors showed some resilience, thanks to strong crude oil prices. WTI oil for October delivery rose 4.38% to $105.83 per barrel in New York, while Brent oil for November delivery increased 2.9% to $108.75 per barrel in London.

Analyst Vivek Arya predicted that the global semiconductor chip market size will reach $3,200 billion by 2030, with an annual growth rate of approximately 18%. This is a significant increase from his previous forecast of $2,700 billion, despite concerns about cooling down AI investment.