US sharemarkets ended mixed on Wednesday. The Dow Jones Industrial Average fell 289 points, or 0.61%, to close at 47,417.27. The S&P 500 slipped 0.08% to 6,775.80, while the Nasdaq Composite edged up 0.08% to finish at 22,716.13.
Trading remained cautious as markets continued to react to geopolitical developments and energy market volatility.
Oil rises despite record reserve release
Energy prices moved higher during the session even after the International Energy Agency announced it would release 400 million barrels from emergency reserves, the largest such intervention on record. West Texas Intermediate crude rose more than 4% to settle at US$87.25 a barrel, while Brent crude gained about 4.8% to US$91.98.
Investors remain concerned that a prolonged conflict could keep oil prices elevated and place pressure on global growth. The Strait of Hormuz, a key route for global energy shipments, remains at the centre of supply concerns.
Economic data and corporate results
On the economic front, US consumer prices increased 2.4% year-on-year in February, broadly in line with expectations. The data follows recent signs that the labour market may be softening, adding to uncertainty around the outlook for interest rates.
Corporate earnings also influenced trading. Shares of Oracle jumped about 9% after the software company reported stronger-than-expected revenue and earnings and raised its longer-term revenue outlook.
Australian market outlook
Australian shares are expected to open lower, tracking the cautious tone on Wall Street. ASX 200 futures were down 47 points, or 0.5%, to 8,683.
There are no major Australian economic data releases scheduled for Thursday. Overseas, markets will watch US trade figures, housing starts and weekly jobless claims due later in the evening.
