US stocks open lower as indexes fall over 1%

By Ovunc Kutlu

ANKARA (AA) - US stocks opened lower on Friday, as the sell-off continues after the Federal Reserve's meeting in which the central bank made a rate hike of 75 basis points for a third straight time.

The Dow lost 360 points, or 1.2%, to open at 29,714 at 9.36 a.m. EDT. The S&P 500 fell almost 49 points, or 1.3%, to 3,708.

The tech-heavy Nasdaq plummeted 127 points, or 1.15%, to start the last trading day of the week at 11,931.

All indexes shed around 1.7% Wednesday after the Fed's much-anticipated September meeting when the central bank raised its terminal rate -- the peak spot where the federal funds rate is expected to climb before being trimmed -- above 4% for 2022 and 2023.

The Fed is expected to make a total of 125 or 100 basis points of rate hike before the year ends.

The VIX volatility index, also known as the fear index, jumped 4.4% to 28.25. The 10-year US Treasury yield fell 0.1% to 3.704%.

The dollar index rose 0.7% to 112.12, near its highest in 20 years, while the euro fell 0.8% $0.9757 against the greenback.

Precious metals were on the decline with gold falling 1.4% to $1,648, and silver plummeting 3.1% to $19.04.

Oil prices fell over 4% as strong dollar weakens global demand. Global oil benchmark Brent crude was trading at $86.40 a barrel for a 4.4% loss. US benchmark West Texas Intermediate was around $79.28 – down 5%.