The Dow shed triple digits on Wednesday to mark its fifth-straight drop, while the S&P 500 and Nasdaq settled near breakeven after the Federal Reserve kept interest rates unchanged. The central bank was divided along 8-4 lines, however, with the last time this many members dissented dating back to October 1992. While this meeting could have been Fed Chair Jerome Powell's last in his position, he said he will continue to serve on the the Board of Governors indefinitely.
Oil prices were also in focus as President Donald Trump reportedly planned to continue a naval blockade of Iran. Investors are now shifting their attention back to the earnings docket, with "Magnificent Seven" names Alphabet (GOOGL), Amazon.com (AMZN), Meta Platforms (META), and Microsoft (MSFT) results out.
Oil Rises as Trump Pushes Nuclear Deal
Oil prices finished higher on Wednesday after President Trump stated the U.S. naval blockade against Iran will stay in place until a nuclear deal is made. June-dated West Texas Intermediate (WTI) climbed more than 7% to settle at $106.88 per barrel.
Gold prices fell after the Federal Reserve kept interest rates the same. June-dated gold futures fell 1.3% to settle at $4,546.20 an ounce.
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