The Dow Jones Industrial Average fell more than 1,000 points on Wednesday after the Federal Reserve decided to keep interest rates steady while U.S. oil neared $85 per barrel. In the last five years, the blue-chip index has closed down more than 1,000 points nine times, and historically it tends to fall in the week after such a large decline before performing well in the one-month and three-month periods that follow. Three of those drops occurred amid fallout from President Donald Trump's liberation day tariffs in April 2025, four happened during the 2022 inflation surge and Fed rate hikes, and the other two were in August and December 2024. Currently, investors are worried about the Fed's decision to stay on the sidelines at its July 2026 meeting amid above-target inflation, while oil prices rose again after Trump promised to hit Iran in retaliation for a surprise attack on American forces.
ConocoPhillipsOil prices rose after Trump promised to hit Iran, benefiting oil producers like ConocoPhillips.
Chevron CorpOil prices rose after Trump promised to hit Iran, benefiting oil producers like Chevron.