Wall Street Stocks Plummet Amid Inflation Fears and Oil Price Surge

Wall Street stocks plummeted over 1.5% on July 30 after the Federal Reserve decided to keep interest rates unchanged, despite high inflation and soaring oil prices.

The US central bank's decision was met with skepticism by investors, who had been expecting a rate hike to combat inflation, which stood at 3.5% in June on an annual basis.

Fed Chair Kevin Warsh attempted to reassure the market during his press conference, pledging to achieve price stability and return inflation to the 2% target.

However, analysts were unconvinced, with Adam Sarhan of 50 Park Investments stating that 'the market is getting mixed messages from the Fed.'

The jump in oil prices, which reached a high of $90.74 per barrel due to escalating tensions in the Middle East, also weighed on the market.

Meanwhile, tech stocks continued their downward trend, with the Nasdaq-100 index slipping into correction territory after a blowout second quarter.