US sharemarkets were mixed on Wednesday, with the Dow Jones Industrial Average extending its losing streak as rising oil prices and a steady interest rate decision weighed on sentiment. The Dow fell 280.12 points, or 0.57%, to 48,861.81, marking its fifth consecutive day of declines. The S&P 500 edged down 0.04% to 7,135.95, while the Nasdaq Composite rose 0.04% to 24,673.24.
Oil prices rose sharply, adding pressure to equities after reports that Donald Trump is preparing for an extended blockade of Iranian ports. Further gains followed reports that the US had rejected Iran’s proposal to reopen the Strait of Hormuz, reinforcing expectations that supply disruptions may persist.
West Texas Intermediate crude rose 7.17% to US$107.16 a barrel, while Brent crude climbed 6.78% to US$118.80, reflecting heightened concerns around global energy supply.
The Federal Reserve held its benchmark interest rate unchanged at 3.5% to 3.75%, in a split 8–4 decision, the most divided outcome since 1992. Jerome Powell said higher oil prices are likely to push inflation higher in the near term.
Earnings remain a key focus, with Alphabet, Amazon, Meta Platforms and Microsoft reporting after the close. Investor attention is centred on forward guidance, particularly around artificial intelligence investment and growth expectations. Earlier in the session, Seagate Technology and NXP Semiconductors rose strongly after reporting earnings beats and issuing positive outlooks.
Australian Market Outlook
Australian shares are set to open lower, following a mixed lead from Wall Street and a sharp rise in oil prices.
S&P/ASX 200 futures were down 69 points, or 0.8%, to 8,627.
Locally, companies including Boss Energy, Capstone Copper, Liontown Resources, Mineral Resources, Origin Energy, Stockland and Woolworths are scheduled to report.
On the data front, March private sector credit and first-quarter export price data are due at 11.30am. Offshore, the Bank of England and European Central Bank will release policy statements later in the session.
