Stocks sink, oil jumps and yields climb after a volatile Fed day

The big picture. U.S. stocks end sharply lower after a volatile session. The S&P 500 falls 1.5% to 7,316.1, the Nasdaq drops 1.7% to 24,442.9, the Dow loses 2.2% to 51,594.1, and the Russell 2000 slips 1.6% to 2,906.3. The VIX jumps 13.5% to 20.66, with the 9-day gauge rising 21.0% to 20.38, a sign traders are pricing in more near-term swings.

Energy is the lone sector in positive territory, up 1.9%, while industrials fall 3.2% and tech drops 2.6%. The move lines up with headlines on oil surging after Middle East escalation and the Fed holding rates steady in a split vote. CNBC reports the Fed voted 9-3 to keep policy unchanged, while a flurry of earnings headlines hit megacap names.

Treasury yields move higher at the long end. The 10-year Treasury yield rises 0.4% to 4.622%, and the 30-year climbs 0.9% to 5.143%, while the 5-year slips 0.2% to 4.352%. Bonds and stock funds both reflect the weaker tone, with TLT down 1.7% and LQD down 0.6%.

Outside the U.S., Asia is mostly red, led by Japan's Nikkei 225, which falls 4.0%, and South Korea's Kospi, which drops 10.8%. Europe is firmer, with the FTSE 100 up 0.3%, the DAX up 0.4%, the CAC 40 up 0.6%, and the Stoxx 600 up 0.4%. In currencies, the dollar index slips 0.6% and EUR/USD rises 0.9% to 1.1472.

Crypto is steadier than stocks. Bitcoin edges up 0.1% to 63,923.8, Ethereum slips 0.8% to 1,905.2, and the total crypto market cap rises 0.2% to $2.3T. Bitcoin still sits below its 200-day average, and the group is mixed as traders digest the broader risk-off tone.