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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 328.85 points to 48,813.08.
The much broader index eked back 9.94 points to 7,128.86.
The tech-driven NASDAQ reversed direction and dipped 22.18 points to 24,641.62.
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.
On Wednesday, both Seagate Technology climbed 15% and NXP Semiconductors popped more than 24%, after posting earnings beats and sharing positive revenue guidance.
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 $6.89 to $106.82 U.S. a barrel.
Gold prices swooned $49.50 to $4,558.90 U.S. an ounce.
