Kevin Warsh, in his first press conference as Federal Reserve Chair, announced a strong stance against inflation, catching many investors off guard. Following the hawkish dot plot in June indicating a preference for a rate hike this year, contrary to earlier expectations of a cut, a significant sell-off ensued. The S&P 500, represented by the SPDR S&P 500 ETF Trust (NYSE: SPY), dropped by 1.2% to 7,440 points by 3:30 p.m. ET from 2:00 p.m. ET levels, hitting lows at the end of Warsh's speech. The two-year Treasury yield, a key indicator of policy changes, surged to 4.20%, building on an earlier increase after the statement. Market indices were heavily impacted, with the Nasdaq 100 falling by 1.2% to 29,786, the Dow Jones Industrial Average decreasing by 1.3% to 51,637, and the Russell 2000, representing small-cap stocks, plummeting by 2% to 2,921. Additionally, the U.S. Dollar Index rose by 0.8%, surpassing 100.15, while gold prices fell by 3.4% to $4,229 per ounce amidst concerns over persistently high prices. For more information, the full story is accessible on Benzinga.com.