All three indexes moved between both sides of the aisle Wednesday, following this morning's lighter-than-expected March inflation report, but ultimately ended the day in the red. The Dow snapped a four-day win streak, while the S&P 500 and Nasdaq settled lower -- the latter marking its third-straight drop.

All eyes were on the Federal Open Market Committee (FOMC) meeting minutes, which suggested that while the economy is now "sound," the recent banking crisis is likely to push the U.S. into a recession later in the year. Officials also expect gross domestic product (GDP) for 2023 to grow just 0.4%.

OIL LOGS HIGHEST 2023 CLOSE 

Oil closed higher following this morning's lighter-than-expected inflation reading and the refill possibility at the U.S. Strategic Petroleum Reserve. For the session, May-dated crude added $1.73, or 2.1%, to close at $83.26 per barrel -- its highest close since November 16.

Slowing inflation sent gold futures higher today. June-dated gold gained $5.90 or 0.3%, to settle at $2,024.90 an ounce.

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