The Federal Reserve emphasized the rising uncertainty of inflation, leading to a significant withdrawal of market bets on interest rate cuts within the year. The Dow Jones Industrial Average fell by 0.55%, the S&P 500 index dropped by 0.82%, and the Nasdaq declined by 1.35%. Tech stocks fell across the board, with Micron Technology down over 8%, Western Digital down over 4%, and AMD down over 2%; Chinese concept stocks generally declined, with Alibaba down over 8% and Baidu down over 3%; precious metal concept stocks plummeted, with Pan American Silver down 6%; electric vehicle company Rivian rose by 7.5% after receiving investment from Uber