Dow Jones falls 300 points on Fed interest-rate cut statements

US stocks tumbled on Friday as investors absorbed statements from Federal Reserve policymakers, which cast doubt on the likelihood of an interest rate cut in the upcoming December meeting.

The Dow Jones Industrial Average dropped 0.7%, or 305 points, to settle at 43,444 points, with a weekly loss of 1.25%.

The S&P 500 index slipped 1.3%, or 78 points, to 5,870 points, recording a weekly loss of 2.1%.

The Nasdaq Composite Index plunged 2.25%, or 427 points, to end at 18,680 points, losing 3.15% during the week.

As for European markets, the STOXX Europe 600 inched down 0.75% to 503.1 points.

The British FTSE index was down 0.1% to 8,063 points, and the German DAX index fell 0.25% to 19,210 points. The French CAC 40 index lost 0.6% to 7,269 points.

On the other hand, the Nikkei index rose 0.30% to 38,642 points, while the broader Topix index gained 0.4% to 2,711 points.

Brent crude futures for January delivery fell 2.1%, or $1.52, to $71.04 per barrel.

New York Mercantile Exchange (NYMEX) futures for December delivery decreased 2.45%, or $1.68, to $67.02 per barrel.

Regarding gold, futures prices for December delivery were down 0.1%, or $2.8, to $2,570.1 per ounce.