S&P 500 futures were relatively unchanged on Wednesday, while oil prices continued their rally amid a U.S. blockade of Iranian ports. Traders also awaited the conclusion of what could be Jerome Powell’s final policy meeting as Federal Reserve chair as well as quarterly earnings from four of the “Magnificent Seven.” Futures linked to the broad market index traded around the flatline alongside Dow Jones Industrial Average futures. Nasdaq 100 futures rose 0.3%. Investors will be watching for any commentary from the Federal Reserve on inflation amid the conflict in the Middle East, as Wednesday will mark the conclusion of the April Fed policy meeting — which will likely be Powell’s last at the helm before his term as chair ends in May. Kevin Warsh, Trump’s nominated successor, appears on track to take over for Powell at the central bank. The market does not expect the Fed to make any adjustments to the current federal funds rate. Later Wednesday, four of the “Magnificent Seven” tech titans are on the docket to report their earnings after the closing bell: Alphabet, Amazon, Meta Platforms and Microsoft. Investors have high expectations for these companies to show the revenue that will justify the capital they have spent on artificial intelligence investments. “While earnings beats are largely expected from Wednesday’s big tech earnings, the market’s focus is squarely on forward guidance both on growth trajectories and the pace of future investment,” said Chris Brigati, chief investment officer at SWBC. “Each company faces its own dynamics, but delivering tangible results from elevated capex remains the critical test.” Technology was a sore spot in the previous session after The Wall Street Journal reported Tuesday that OpenAI recently missed its own revenue and user growth targets. However, on Wednesday, both Seagate Technology and NXP Semiconductors popped more than 15% and 19%, respectively, after posting earnings beats and sharing positive revenue guidance. U.S. Treasury yields were little changed on Wednesday as investors awaited the outcome of what could be Jerome Powell’s final policy meeting as Federal Reserve chair. The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was up less than 1 basis point at 4.362%. The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, was higher by more than 1 basis point at 3.859%. Asia-Pacific markets traded mixed Wednesday after Wall Street declined overnight as investors assessed the latest developments concerning OPEC, as well as a report that pointed to weakness in OpenAI. South Korea’s Kospi added 0.75% to end the day at 6,690.9, while the small-cap Kosdaq gained 39% to 1,220.26. In Australia, the S&P/ASX 200 declined 0.27% to 8,687. Hong Kong’s Hang Seng index added 1.2% as of its last hour of trade, while Mainland China’s CSI 300 rose 1.1% to close at 4,810.35. Japan’s markets were closed for a holiday. Oil prices advanced again on Wednesday as traders balanced the United Arab Emirates’ shock departure from OPEC with indications that a near-term conclusion to the Iran war is unlikely. International benchmark Brent crude futures with June delivery traded 2.8% higher at $114.37 per barrel at 7:18 a.m. ET, extending gains after notching its seventh consecutive positive session on Tuesday. U.S. West Texas Intermediate futures with June delivery rose 3.3% to $103.18 per barrel. The WTI contract, which settled up 3.7% in the previous session, has racked up gains of more than 49% since the U.S. and Israeli-led war against Iran started on Feb. 28. The latest move higher comes amid reports that the U.S. will look to extend its blockade of Iranian ports, deepening fears of prolonged disruption through the strategically vital Strait of Hormuz. Gold prices slipped on Wednesday, as rising oil prices fuelled ​concerns of persistent ​inflation, with markets watching closely ​for remarks from U.S. Federal Reserve Chair Jerome Powell on the future path of interest rates. Spot gold was down 0.3% at $4,579.34 per ounce, after falling ⁠to ‌its lowest level since April 2 in ⁠the previous session. U.S. gold futures for June delivery fell 0.4% to $4,592.60.