PBOC sets USD/CNY reference rate at 6.7580 vs. 6.7628 previous

US Stocks Fall for Third Day as Fed Hikes Rates by 25 Basis Points, Dow Drops Over 600 Points; Chip Stocks Buck Trend, SpaceX Rises 5%

The Federal Reserve announced a 25-basis-point interest rate hike, with Warsh pointing out that inflation is too high and has persisted for too long, weighing on U.S. equities. Bank stocks led the declines, while select chip stocks bucked the trend to post gains, and optical communication stocks were among the top performers. At the close, the Dow Jones Industrial Average fell 1.21% to 51,461.90; the Nasdaq Composite Index dipped 0.01% to 25,978.42; and the S&P 500 Index dropped 0.45% to 7,551.81.