However, global benchmark Brent crude posted its biggest monthly loss since November 2022 and its biggest quarterly decline in a year, plunging 17% in the third quarter as easing concerns about global demand overshadowed fears that the conflict would restrict supply could.

“That sounded less expansionary than the market had priced in. There were some expectations for a 50 basis point cut by year-end. That comment probably took the matter off the table,” said Robert Phipps, principal at Per Stirling Capital Management in Austin, Texas.

While stocks fell during Powell’s speech, they regained lost ground as the S&P 500 and Dow hit record highs on the final day of the quarter as many traders made last-minute adjustments to their portfolios.

“The price increases at the end of the day were probably due in part to losing perspective at the end of the quarter,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

For the month, the S&P 500 gained 2.01% and for the quarter it rose 5.53%.

On the trading day in Beijing, stocks had risen sharply following China’s latest round of economic stimulus.

The dollar rose after Powell’s more hawkish tone led traders to cut their bets on a sharp rate cut in November.

“He’s taken his restrictive pills,” said Steve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank’s New York office, suggesting that the market is “starting to get worried that they be serious about 25 (basis points). cuts).

The dollar index, which measures the greenback against a basket of currencies including the yen and euro, rose 0.32% to 100.76.

The euro lost 0.27% to $1.1133, while the dollar gained 1% against the Japanese yen to 143.61.

In Treasuries, the benchmark 10-year U.S. bond yield rose 3.6 basis points to 3.785%, from 3.749% late Friday.

The two-year Treasury yield, which typically moves in line with interest rate expectations, rose 7.4 basis points to 3.637%, from 3.563% late Friday.

And a closely watched portion of the U.S. Treasury yield curve, which measures the spread between two- and 10-year Treasury yields and is considered an indicator of economic expectations, was at a positive 14.6 basis points.

In energy markets, U.S. crude oil prices settled down 1 cent at $68.17 a barrel, but slumped 7% in September, the largest monthly decline since October 2023, and slumped 16%, the largest quarterly decline since the third quarter of 2023.

Brent fell 21 cents to $71.77 a barrel. It posted a fall of around 9% in September, its biggest decline since November 2022 and its third consecutive monthly loss, along with a quarterly decline of nearly 17%, also its biggest in a year.

Spot gold fell 1% to $2,631.39 an ounce. U.S. gold futures fell 0.54% to $2,629.90 an ounce.

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