Silver futures bore the brunt of the market volatility, tumbling 6.1% to settle at $55.55 a troy ounce. This marks the metal's lowest closing price in nearly twelve months, extending a punishing decline that has erased more than half of its value since the market peak in January. Gold futures followed a similar downward trajectory, as the strengthening prospect of higher rates diminishes the appeal of non-yielding assets.

Broader industrial materials also faced downward pressure throughout the session. Rio Tinto shares slipped following an assessment from RBC analysts, who noted that the miner's third-quarter production estimates remained strictly in line with existing market expectations, failing to provide the growth catalyst investors had hoped for in a high-inflation environment.