This article first appeared on GuruFocus.
U.S. stocks slipped on Wednesday as traders weighed higher oil prices, a closing Federal Reserve meeting and earnings from Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT).
The S&P 500 fell 0.3%, the Nasdaq Composite lost 0.4% and the Dow Jones Industrial Average dropped 315 points, or 0.6%.
Boeing and Goldman Sachs were among the biggest drags, while investors shifted attention to the day’s policy and earnings events.
Oil prices rose again after reports that President Donald Trump has told aides to prepare for a longer blockade of Iranian ports. West Texas Intermediate futures climbed 6% to above $106 a barrel, while Brent crude gained 6% to top $118.
The Federal Reserve is due to finish its April meeting later Wednesday, with no policy change widely expected. Traders are also watching whether the session marks Jerome Powell’s final meeting as chair, while tech names including Alphabet, Meta Platforms and Microsoft remain in focus for guidance on AI spending.
