Global stocks slide after Kevin Warsh’s first Fed statement turns hawkish; SpaceX drops 16.43% and $400 billion in value

New Federal Reserve chair Kevin Warsh struck a more hawkish tone in his first policy statement, prompting markets to price in three 25-basis-point rate hikes this year that could take the policy rate to 4.25–4.5%. Tech stocks led the selloff, with SpaceX down 16.43% in a single session, erasing $400 billion in market capitalization. Oil prices slipped to $77 per barrel even as tensions over passage through the Strait of Hormuz persisted, and some institutions forecast a further decline toward the $50 to $60 range.