Stock futures fell Thursday, deepening losses for the week, as investors come to terms with the Federal Reserve’s plans to keep interest rates at higher levels for a longer time period than hoped. Futures tied to the Dow Jones Industrial Average were lower by 216 points, or 0.6%. S&P 500 futures lost 0.9%, while Nasdaq 100 futures slid by 1.3%. All three major benchmarks headed for their third negative session in a row. The three major averages closed at session lows Wednesday after the Federal Reserve said it would leave interest rates unchanged, but forecast another rate hike before the end of the year. The central bank also indicated fewer rate cuts next year, essentially saying it would need to keep rates higher for longer because stubborn inflation. Fed Chair Jerome Powell commented after the decision that a soft landing for the economy was still possible, but not his baseline scenario. Market rates have jumped in response to the Fed’s new outlook with the 10-year Treasury yield hitting 4.43%, its highest in more than 15 years. Tech shares have led the losses this week as investors may rethink buying growth-oriented stocks if interest rates are going to remain high. Tesla, Alphabet, Meta Platforms and Nvidia were lower in premarket trading Thursday. Marketing automation firm Klaviyo, which debuted on the public markets Wednesday, slipped nearly 2% in the premarket Thursday. That made the stock the latest in a string of promising IPOs that turned lower this week. FedEx bucked the negative trend, gaining 5% after the delivery company posted adjusted earnings of $4.55 per share in its fiscal first quarter, while analysts called for $3.73 per share, per LSEG. Additional economic data awaits traders on Thursday, with weekly jobless claims due before the opening bell, as well as existing home sales data out later that morning. U.S. Treasury yields climbed on Thursday, with the 10-year and 2-year yields trading near levels last seen over a decade ago, as investors digested the Federal Reserve’s interest rate decision and forward guidance. The yield on the 10-year Treasury was up by around 9 basis points at 4.435%, hitting a fresh 2007 high in the session. The 2-year Treasury was more than 3 basis points higher to 5.152%, hovering around levels last reached in 2006. Asia-Pacific markets fell across the region after the U.S. Federal Reserve held its benchmark policy rate, but said it will raise interest rates one more time this year, according to the central bank’s projections. In Australia, the S&P/ASX 200 fell 1.37% and closed at 7,065.2, its lowest level since July 10. Japan’s Nikkei 225 is also slipped 1.37% as the Bank of Japan starts its two-day monetary policy meeting, ending the day at 32,571.03. The Topix was down 0.94% and closed at 2,383.41. South Korea’s Kospi was 1.75% lower, leading losses in Asia and finishing at 2,514.97, its lowest level in almost a month. The Kosdaq closed 2.5% down at 860.68, also at its lowest level since July 10. Hong Kong’s Hang Seng index was down 1.34%, while mainland Chinese markets are also down for a third straight day, with the CSI 300 losing 0.9% and closing at 3,672.44. Oil prices fell on Thursday, after posting the largest decline in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. Brent futures for November delivery were down 78 cents, or 0.8%, to $92.75 a barrel. U.S. West Texas Intermediate crude (WTI) fell 76 cents, or 0.9%, to $88.90 and reached its lowest level since Sept. 14. Gold extended its decline on Thursday, weighed by the surge in the U.S. dollar and U.S. bond yields after the Federal Reserve hardened its hawkish posture on interest rates. Spot gold shed 0.4% to $1,922.82 per ounce, having briefly touched its highest since Sept. 1 before closing lower in the previous session. U.S. gold futures eased 1.2% to $1,942.80.