US stock markets experienced volatile trading throughout Wednesday, concluding with little change as the Federal Reserve maintained interest rates amid internal disagreements, while signaling that the war in Iran is casting a shadow over the economic outlook. Brent crude oil rose to its highest level since 2022.

As the Middle East conflict shows no signs of abating, money markets have nearly abandoned bets on interest rate cuts this year and have begun pricing in the possibility of a rate hike as early as 2027.

"Three dissenting votes on the statement's wording suggest a slightly hawkish tilt, as some officials are preparing for the possibility of inflation remaining elevated for a longer period," said Angelo Kourkafas of Edward Jones. "We anticipate the Fed will remain on hold in the coming months while assessing the evolution of the conflict."

The majority of S&P 500 index components declined. This week marks the peak period for first-quarter earnings reports, with tech stock results taking center stage. Four of the "Magnificent Seven" companies—Amazon.com, Alphabet Inc., Meta Platforms Inc., and Microsoft—reported their results after the market close, with investors focused on whether massive expenditures are yielding sufficient returns.

In after-hours trading, Meta Platforms Inc. saw its stock price decline after raising its spending forecast, while Alphabet Inc.'s stock rose due to better-than-expected sales.

At the US market close, the S&P 500 index was essentially flat at 7,135.95 points. The Dow Jones Industrial Average fell 0.6% to 48,861.81 points. The Nasdaq Composite Index was largely unchanged at 24,673.24 points. The Nasdaq 100 Index rose 0.6% to 27,186.98 points. The Russell 2000 Index declined 0.6% to 2,739.472 points.