US stocks close flat; Dow Jones drops 280 points

US stocks closed steady on Wednesday as investors assessed the Fed’s decision to hold rates, awaited earnings from major tech companies, and tracked rising oil prices amid the continued closure of the Strait of Hormuz.

At the close, the Dow Jones Industrial Average fell 0.57%, or 280 points, to 48,861.

The broader S&P 500 held steady at 7,135, while the Nasdaq Composite was also unchanged at 24,673.

Across the Atlantic, the Stoxx Europe 600 declined 0.60% to 602, weighed down by broad-based sector weakness.

The UK’s FTSE 100 dropped 1.16% to 10,213, Germany’s DAX fell 0.27% to 23,954, and France’s CAC 40 slipped 0.39% to 8,072.

In Japan, the Tokyo Stock Exchange was closed for a public holiday marking Showa Day and is set to resume trading tomorrow.

In commodities, Brent crude futures for June delivery rose 6%, or $6.77, to $118.03 per barrel, after touching $119.76 earlier in the session.

US WTI crude (NYMEX) futures for June delivery climbed 6.95%, or $6.95, to $106.88 per barrel.

Gold futures for June delivery fell 1%, or $46.90, to $4,561.50 per ounce, marking a third straight session of losses.

What’s driving markets?

Caution dominated investor sentiment as markets awaited the Fed’s decision, which came in line with expectations to hold interest rates steady, alongside anticipation of earnings from major tech companies and as US President Donald Trump reaffirmed the continuation of the maritime blockade on Iran.