Wall Street was little changed on Wednesday as investors followed the latest developments in the Middle East crisis and traders braced for the Federal Reserve's interest rate decision.
The Dow Jones Industrial Average hovered around the flatline. The S&P 500 gained 0.1% but stayed below 6,000 points. The tech-heavy Nasdaq Composite was flat.
The US central bank is widely expected to hold interest rates steady at their meeting later today while they gauge the implications of President Donald Trump’s tariffs and other policies. The impact on consumer prices from higher duties has been muted so far.
The FOMC rate decision will be released at 11:30 p.m. India time. Chairman Jerome Powell will hold a press conference 30 minutes later.
Besides, markets also absorbed data that showed applications for US unemployment benefits ticked down last week, stabilizing near the highest levels in eight months.
The yield on the 10-year US Treasury bond declined two basis points to 4.37%.
The US dollar weakened against major currencies. The dollar index fell 0.2% to 98.66, near a three-year low. The yen jumped 0.3%, the euro by 0.2% and the pound gained 0.1%
Spot gold prices rose 0.1% to $3,391.84 an ounce.
Oil prices swung sharply between gains and losses on speculation the US may join the escalating conflict between Iran and Israel. International benchmark Brent oil dropped nearly 4% to $70.72 per barrel.
Iran's Supreme Leader Ayatollah Ali Khamenei said his country won’t surrender to Israel after Trump called for the Tehran government's capitulation.
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