Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is determined to fight inflation with more sharp interest rate hikes, which will likely cause pain in the form of a weaker economy and job losses.

The Dow dropped 3% and the Nasdaq composite ended 3.9% lower, reflecting a broad sell-off led by technology stocks. Higher rates help corral inflation, but they also hurt asset prices.

ArcelorMittal Nippon Steel (AM/NS) India will acquire a clutch of infrastructure assets including three ports, two power plants and a power transmission line from Essar Group for $2.4 billion, or about ₹19,158 crore, the companies said in separate statements on Friday.

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