Stock market today: Live updates

The S&P 500 was relatively unchanged on Wednesday, while oil prices continued their rally amid a U.S. blockade of Iranian ports and after the Federal Reserve left its key interest rate unchanged. Traders also awaited quarterly earnings from four of the “Magnificent Seven.”

The broad market index traded around the flatline, as did the Nasdaq Composite. The Dow Jones Industrial Average shed 282 points, or 0.6%, led by losses in Boeing and Goldman Sachs.

Oil prices rose for another day on Wednesday after The Wall Street Journal, citing U.S. officials, reported that President Donald Trump has told aides to prepare for an extended blockade of Iran. Prices then took a leg higher after Axios reported that Trump has rejected Iran’s proposal to reopen the Strait of Hormuz and said that the U.S. naval blockade will stay in effect until a deal addressing concerns about the Middle Eastern country’s nuclear program is reached.

U.S. West Texas Intermediate futures gained 7% to trade above $106 per barrel. International benchmark Brent crude futures advanced 6% to trade above $118 a barrel.

Elevated oil prices “will push up overall inflation” in the near term, Powell said during a press conference following the conclusion of the April Fed policy meeting, where the Federal Open Market Committee voted 8-4 to hold rates in a range of 3.5% to 3.75%. That marked the first four FOMC members dissented since October 1992. To be sure, members expressed different reasons for their vote.

The meeting will likely be Powell’s last at the helm before his term as chair ends in May, though Powell said Wednesday that he will continue to serve as a Fed governor for an indefinite period even after his chairmanship ends. Kevin Warsh, Trump’s nominated successor, appears on track to take over for Powell at the central bank. The market did not expect the Fed to make any adjustments to the current federal funds rate.

The Fed could be less inclined to lower rates with Powell remaining as a governor, as it means Trump-appointed governors will only compose three of the seven-member Board of Governors instead of the majority.

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.

“While earnings beats are largely expected from Wednesday’s big tech earnings, the market’s focus is squarely on forward guidance both on growth trajectories and the pace of future investment,” said Chris Brigati, chief investment officer at SWBC. “Each company faces its own dynamics, but delivering tangible results from elevated capex remains the critical test.”

Technology was a sore spot in the previous session after The Wall Street Journal reported Tuesday that OpenAI recently missed its own revenue and user growth targets. However, on Wednesday, both Seagate Technology and NXP Semiconductors popped more than 10% and 26%, respectively, after posting earnings beats and sharing positive revenue guidance.