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US Equity Markets End Lower as Oil Rises, Divided Fed Keeps Rates Unchanged

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US equity indexes fell Wednesday as crude oil prices jumped after Iran's surprise missile attack, while a divided Federal Reserve kept its benchmark interest rate unchanged.

* President Donald Trump said Iran will be hit hard, according to Fox News. The US Central Command said it joined Saudi Arabian armed forces to conduct strikes after Iran-aligned terrorists attacked US forces and Saudi energy infrastructure.

* The Federal Reserve maintained its benchmark interest rate at a range of 3.5% to 3.75% on Wednesday, though three members of the Federal Open Market Committee dissented. Fed Chairman Kevin Warsh declined to forecast the central bank's future policy direction and said the Fed is taking all necessary measures to achieve its 2% inflation target.

* September West Texas Intermediate crude oil rose $5.60 to settle at $84.86 per barrel, while September Brent crude, the global benchmark, was last seen up $6.62 at $90.71.

* Garmin (GRMN) shares rose 16%, the top gainer on the S&P 500, after the company reported better-than-anticipated Q2 results and raised its full-year guidance.

* Lennox International (LII) shares fell 21%, the biggest drop on the S&P, after the company reported Q2 revenue below market expectations and lowered its full-year 2026 earnings outlook.

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