Stock Market Today: World shares track Wall Street's selloff after Fed hints at 2 rate cuts in 2025

Shares have skidded in Europe and Asia after U.S. stocks tumbled to one of their worst days of the year when the Federal Reserve hinted it may deliver fewer rate cuts in 2025 than earlier thought. The U.S. dollar surged against the yen after Japan's central bank kept its benchmark interest rate at 0.25%, as expected. On Wednesday, the S&P 500 fell 3% and the Dow Jones Industrial Average lost 2.6%. The Nasdaq composite dropped 3.6%. Fed officials released projections showing they're penciling in just two cuts to interest rates next year, instead of the four they were projecting a few months ago. Treasury yields ramped higher to add pressure on the stock market.