US stocks drop as Powell doubles down on inflation fight

The real estate sector was the biggest decliner, with a drop of 0.8%. Investors still expect only one rate hike of 25 basis points in July by the US central bank for the rest of the year. Crypto firms including Coinbase, Marathon Digital and Bit Digital, rose 2.6% to 9% as bitcoin prices increased. Shares of Chinese electric vehicle leaders Li Auto, Nio and Xpeng rose after China announced $72.3bn worth of tax breaks for green vehicles.