Stock market crash, July 31 -- Equity investors faced a terrible Thursday, greeted by a hawkish US Federal Reserve and Donald Trump's unexpectedly higher tariff curveball. The Indian stock market crashed nearly 1% in early morning deals as investors scampered to take cover amid the double whammy.

The US Federal Reserve held interest rates steady and did not signal any imminent rate cuts despite rising pressure from Trump. Fed Chair Jerome Powell was careful to keep his options open on monetary policy. "We have made no decisions about September," he said in a press conference.

Moreover, Fed funds futures traders are pricing in a 46% probability of a rate cut by September, down from about 65% a day ago, according to the CME Group's FedWat...