“The reverse rotation is continuing,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management. “At a certain point, a hawkish Fed isn’t good for anyone, even technology shares.”

Markets that are clearly benefiting from the reopening are seeing a pullback, with copper registering its worst week since the start of the pandemic.

Oil posted a fourth straight weekly gain, even after slipping from the highest levels since 2018. An advance in the dollar this week has made commodities that are priced in the U.S. currency more expensive, driving declines across the complex. The Bloomberg Dollar Spot Index rose for a sixth trading session.

European shares fell the most in a month, with the longest streak of gains since 1999 brought up short by the Fed’s hawkish tilt at Wednesday’s policy meeting.

Elsewhere, some of the biggest gainers in the hottest corner of the cryptocurrency world tumbled back to earth.

These are some of the main moves in financial markets:

Stocks

• The S&P 500 fell 1.3%, more than any closing loss since May 12 as of 4 p.m. New York time
• The Nasdaq 100 fell 0.8%, more than any closing loss since June 3
• The Dow Jones Industrial Average fell 1.6%, falling for the fifth straight day, the longest losing streak since Jan. 27
• The MSCI World index fell 1.3%, more than any closing loss since May 12

Currencies

• The Bloomberg Dollar Spot Index rose 0.4%, climbing for the sixth straight day, the longest winning streak since March 23, 2020
• The euro fell 0.3% to the lowest since April 7
• The British pound slipped 0.8%, more than any closing loss since April 30
• The Japanese yen was little changed at 110.15 per dollar

Bonds

• The yield on 10-year Treasuries declined six basis points to 1.44%
• Germany’s 10-year yield was little changed at -0.20%
• Britain’s 10-year yield declined two basis points to 0.75%

Commodities

• West Texas Intermediate crude rose 0.9% to $71.65 a barrel
• Gold futures fell 0.6% to $1,764.70 an ounce