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U.S. oil futures on Wednesday marked their lowest settlement price of the year so far after official data revealed a weekly rise in commercial crude inventories following nine consecutive weekly declines.
Oil traders, meanwhile, continued to weigh the outlook for demand — and the possibility that President Donald Trump will implement tariffs as soon as this weekend on Canada and Mexico that may disrupt the flow of crude supplies.
U.S. stocks finished lower on Wednesday after the Federal Reserve left its policy interest-rate target unchanged for the first time since delivering its initial rate cut in September.
At first, stocks declined after the Fed's decision was announced following the conclusion of the central bank's two-day January policy meeting. Major indexes added to their losses from earlier in the day.
The S&P 500 and Dow touched their lowest levels of the session as investors appeared to focus on language in the latest Fed policy statement that removed a reference to inflation steadily returning to the central bank's 2% target.
However, after taking the podium, Powell quickly clarified that this change wasn't intended as a policy signal, and stocks soon reversed. While major indexes still finished lower, they ended well off their session lows. And declines weren't nearly as severe as what followed the Fed's December policy meeting.
"After the market fireworks that followed the December meeting, when the committee pulled back on rate-cut expectations, this was a steady message of neutrality that should be received OK by markets," said Scott Helfstein, Global X's head of investment strategy, in emailed commentary.
Here's where major indexes finished up, according to FactSet data:
The S&P 500 was off by 28.39 points, or 0.5%, at 6,039.31.
The Nasdaq Composite fell by 101.26 points, or 0.5%, to 19,632.32.
The U.S. posted a record trade deficit in good in 2024, spotlighting what is likely to be constant eye sore under the second administration of President Trump as it aims to encourage more production domestically.
The U.S. deficit in goods totaled $1.2 trillion last year, slightly above the prior record set in 2022, the government reported Wednesday.
Trump has promised to raise tariffs sharply on other countries to reduce imports and try to lure more companies to make their products in the U.S.
“There will be no better place on Earth to create jobs, build factories, or grow a company than right here in the good old USA,” Trump said in a virtual speech to global political and business leaders in Davos, Switzerland last week.
The president took the same hard-as-tacks approach in his first term, but the trade deficit continued to rise as it done under every president since Jimmy Carter.
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