US stocks open lower with hawkish Fed's signal of more rate hikes

By Ovunc Kutlu

ANKARA (AA) - Major indices in the US stock market opened lower Thursday as investors digest Federal Reserve signals of making six more rate hikes in 2022.

The Fed raised interest rates Wednesday by 25 basis points between 0.25% and 0.50%, a move widely expected by investors.

Although markets have been pricing in the increase, investors are still worried about the hawkish stance of the central bank.

The Dow Jones industrial average was down 68 points, or 0.2%, to 33,994 at 9.45 a.m. EDT. The S&P 500 fell less than a point to 4,357.

The Nasdaq declined 32 points, or 0.24%, to 13,405.

The VIX volatility index, known as the fear index, was down 0.3% to 26.59. The dollar index fell 0.34% to 98.28.

The yield on 10-year US Treasury notes decreased 0.91% to 2.167%.

Precious metals were on the rise with gold adding 0.8% to $1,941 per ounce and silver increasing 1.1% to $25.37.

Despite posting losses throughout the week to pull back from last week's 14-year highs, crude prices bounced back strongly.

Global benchmark Brent crude was trading at $104.87, up 7%, while US benchmark West Texas Intermediate (WTI) was at $101.61 -- a 6.9% gain.