US Stocks Slip Ahead of Fed Decision as Oil Prices Soar

The US stock market experienced a decline on Wednesday ahead of the Federal Reserve's decision on interest rates. The S&P 500 fell by 0.2%, with the Dow Jones Industrial Average plummeting 434 points and the Nasdaq composite down 0.2%. Meanwhile, oil prices surged in the global market.

The price of Brent crude leaped 5.6% to over $86 per barrel following renewed fighting in the Middle East. The sharp increase in oil prices had a ripple effect on other markets, with Treasury yields rising in the bond market. European indexes were mixed, while South Korea's Kospi suffered another significant loss, down by 6%.