Fed hawkish shift triggers global market selloff as SpaceX sheds $400B

Global stock markets slid after the Fed signaled higher-rate expectations, with U.S. futures and major indices retreating across Europe and Asia. SpaceX alone saw about $400 billion wiped from its market value on the hawkish tone, while oil prices eased on prospects of open shipping through the Strait of Hormuz. Bank of America forecast three 25-basis-point Fed hikes this year, underscoring tighter policy ahead and potential pressure on tech and AI-related spending.