US Equity Indexes Fall Amid Surge in Crude Oil Prices, Dissent in Fed Policy Highest in Over 3 Decades

03:59 PM EDT, 04/29/2026 (MT Newswires) -- US equity indexes fell ahead of Wednesday's close as crude oil futures and government bond yields rose amid concern that no end is in sight for the Iran war.

The Federal Open Market Committee maintained its target rate at a policy meeting, but beneath that outcome, the level of dissent was, reportedly, the highest since 1992. Fed Chair Jerome Powell said in a press conference after the meeting that he could stay as governor "at least" until the central bank's legal challenges are resolved.

Index heavyweights Alphabet (GOOG, GOOGL), Amazon.com (AMZN) , Meta Platforms (META) , and Microsoft (MSFT) will report quarterly earnings after the bell, adding to frayed nerves as investors await the latest read on the hyperscalers' capital expenditure plans.

The Dow Jones Industrial Average fell 0.6% to 48,860.1, with the S&P 500 down 0.1% to 7,129.2. The Nasdaq Composite slipped 0.1% to 24,639.5.

President Donald Trump has instructed aides to prepare for an extended blockade of Iran, US officials told The Wall Street Journal. In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports, the WSJ reported.

West Texas Intermediate crude oil futures jumped 8.2% to $108.15, and Brent crude futures surged 7.8% to $119.97 amid concern that Trump's policy will prolong disruption in the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.

The FOMC maintained its target rate at 3.50% to 3.75%, as expected, but four officials dissented, its statement showed late Wednesday.

Fed Governor Stephen Miran again sought a 25-basis-point rate. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan supported holding rates steady but "did not support inclusion of an easing bias in the statement at this time," according to the statement.

Chair Powell said he will continue to serve as a Fed Governor after his term as chair ends next month. Powell's term as governor is due to end in January 2028, but he could leave before the expiry. "I will stay until it is appropriate for me to leave."

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.