U.S. equity futures were lower Sunday evening after surging interest rates and foreign currency turmoil pushed the major averages to near their lows of the year.

Dow Jones Industrial Average futures fell 0.55%. S&P 500 futures also fell 0.61% and Nasdaq 100 futures dropped 0.65%.

On Friday stocks ended a brutal week with the blue-chip Dow finding a new intraday low for the year and closing lower by 486 points. The broad-market S&P 500 temporarily broke below its June closing low and ended down 1.7%. The tech-heavy Nasdaq Composite lost 1.8%.

Investors were reacting to the Federal Reserve's commitment to its rate hiking plan to help tame inflation. At the conclusion of the FOMC meeting, chair Jerome Powell said the central bank could raise rates as high as 4.6% before pulling back. The forecast also shows the Fed plans to stay aggressive this year, hiking rates to 4.4% before 2022 ends.

@Daily_Discussion