Stocks retreated, while bond yields climbed alongside the dollar, with the Federal Reserve signaling interest rates will be higher for longer after deciding to stay on hold in September.
The S&P 500 dropped almost 1%, while the Nasdaq 100 underperformed amid a slide in giants like Apple Inc. and Tesla Inc. Treasury two-year yields hit the highest since 2006. Swap contracts priced in fewer rate cuts next year than previously anticipated. The greenback erased losses. FedEx Corp., a barometer of global growth, rose in late trading on a bullish outlook.