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The S&P 500 was relatively unchanged on Wednesday, while oil prices continued their rally amid a U.S. blockade of Iranian ports.
Traders also awaited the conclusion of what could be Jerome Powell’s final policy meeting as Federal Reserve chair as well as quarterly earnings from four of the “Magnificent Seven.”
The Dow Jones Industrial Average lost 245.27 points to 48,896.66.
The much broader index eked back 0.1 points to 7,138.70.
The tech-driven NASDAQ moved higher 29.14 points to 24,692.93.
Investors will be watching for any commentary from the Federal Reserve on inflation amid the conflict in the Middle East, as Wednesday will mark the conclusion of the April Fed policy meeting — which will likely be Powell’s last at the helm before his term as chair ends in May. Kevin Warsh, Trump’s nominated successor, appears on track to take over for Powell at the central bank. The market does not expect the Fed to make any adjustments to the current federal funds rate.
Later Wednesday, four of the “Magnificent Seven” tech titans are on the docket to report their earnings after the closing bell: Alphabet, Amazon, Meta Platforms and Microsoft.
Investors have high expectations for these companies to show the revenue that will justify the capital they have spent on artificial intelligence investments.
Prices for the 10-year Treasury turned lower, pushing yields up to 4.40% from Tuesday’s 4.35%. Treasury prices and yields move in opposite directions.
Oil prices spiked $5.27 to $105.20 U.S. a barrel.
Gold prices swooned $57.00 to $4,5551.40 U.S. an ounce.
