S&P 500-1.19%▼: closed at 7,421.76, the benchmark slid amid a risk repricing after the June FOMC materials and commentary. Nasdaq-1.34%▼: closed at 26,021.66, with large-cap technology weakness contributing to the index decline. Russell 2000-0.72%▼: closed at 2,917.98, small-cap losses were milder than the large-cap selloff. Dow-0.98%▼: closed at 51,492.55, blue-chip names ended lower across cyclical sectors. VIX+12.37%▲: finished at 18.44, option-implied hedging costs rose notably into and after the FOMC week. Crypto: BTC hovered near mid‑$60,000s and ETH around the low $1,600s in late trading, holding earlier-week gains as markets digested policy and macro headlines. What's driving the market this week The new Fed leadership’s first policy meeting left the target range unchanged but accompanying projections and commentary increased the chance of at least one rate move later this year, prompting broad revaluation across equities. A reported agreement that would allow Iran to resume oil sales immediately pressured commodity‑sensitive sectors and influenced currency moves in Asia, feeding cross‑market adjustments. Elevated daily option costs and a noted “volatility premium” around the FOMC and market‑sensitive events supported higher VIX readings and contributed to sector dispersion, with Industrials and Communication Services among the weakest.