What You Missed On Wall Street On Wednesday

Stocks spent the session broadly in the red as oil prices surged once again after the U.S. launched new strikes on Iran, with President Trump saying the ceasefire is "over." WTI crude oil futures settled at $73.52 per barrel, up over 4%, on fears that renewed hostilities and attacks near the Strait of Hormuz could disrupt global energy supplies. The rally boosted shares of oil producers, while weighing on airlines, cruise operators and other travel-related stocks that are sensitive to higher fuel costs. Meanwhile, the Federal Reserve released the minutes from its last meeting, in which it said a "few" members saw the case for a June rate hike, though those participants indicated that they supported maintaining the current target range at this meeting. Additionally, the Fed said in the minutes that most participants remarked on scenarios in which inflationary pressures would dissipate and inflation would soon begin to return to 2%. In such scenarios, almost all of these participants noted that it would likely be appropriate to maintain or eventually lower the target range for the federal funds rate. Get caught up quickly on the top news and calls moving stocks with these five Top.