-- US benchmark equity indexes were lower intraday ahead of the Federal Reserve's monetary policy decision.
The Dow Jones Industrial Average was down 0.6% at 48,825.5 after midday, while the Nasdaq Composite lost 0.4% to 24,560.8. The S&P 500 fell 0.3% to 7,117. Barring energy, all sectors were in the red, led by industrials.
Markets widely expect the US central bank's policy committee to keep its benchmark lending rate unchanged for a third consecutive meeting. Fed Chair Jerome Powell will hold a press conference at 2:30 pm ET.
Ahead of the rate decision, the US Senate Banking Committee voted Wednesday to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.
Warsh is President Donald Trump's pick to replace Powell, whose term as Fed chief expires on May 15. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates.
Today's monetary policy meeting could be Powell's last as Fed chief should the full Senate confirm Warsh in the week of May 11. Powell's term on the Fed's Board of Governors runs through January 2028, though its unclear if he would exit the Fed or decide to stay on.
Oil prices surged Wednesday after Trump reportedly rejected an Iranian proposal to lift the naval blockade. Brent crude was up 7.1% at $119.20 per barrel, while West Texas Intermediate crude jumped 6.9% to $106.79.
Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.
In a social media post on Wednesday, Trump said Iran "better get smart soon."
"Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.
US Treasury yields were higher intraday, with the 10-year rate up 5.3 basis points at 4.41% and the two-year rate rising 6.4 basis points to 3.91%.
Magnificent 7 companies Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META) are scheduled to release quarterly results after the markets close.
In company news, Visa (V) shares were up 9.1% intraday, the biggest gain on the Dow, after the payments giant lifted its full-year growth outlook and reported better-than-expected fiscal second-quarter results.
Wingstop (WING) reduced its 2026 domestic same-store sales outlook as the restaurant chain reported weaker-than expected first quarter revenue. The stock was down 4.1% intraday.
Gold fell 1% at $4,563.80 per troy ounce, while silver dropped 1.5% to $72.13 per ounce.