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In New York, the Dow Jones industrial average closed down 44.14 points at 42,171.66. The S&P 500 index was down 1.85 points at 5,980.87, while the Nasdaq composite was up 25.18 points at 19,546.27.

"The Federal Reserve rate decision is front and centre today," said Angelo Kourkafas, senior investment strategist at Edward Jones.

"The Fed remains squarely in wait-and-see mode as it waits to learn more about the impact of tariffs on inflation and the economy." 

The Fed kept its key rate unchanged for the fourth straight meeting Wednesday. The central bank is forecasting noticeably weaker growth, higher inflation and slightly higher unemployment at the end of this year than it had forecast in March, before U.S. President Donald Trump announced sweeping tariffs. 

The tariffs announced April 2 have been put on hold until July 9. 

Fed Chair Jerome Powell stressed all the uncertainty surrounding tariffs means the median forecast for two cuts to interest rates this year could end up being far from reality.

“Right now it’s just a forecast in a very foggy time,� he said

“Because the economy is still solid, we can take the time to actually see what’s going to happen." 

Oil prices moved sharply higher late last week as Israel began launching air assaults on several Iranian targets. There have not been any meaningful impacts to global crude oil supplies to date. 

The August crude oil contract settled at US$73.50 a barrel, up 23 cents from a day earlier. 

"Oil prices remain about five per cent below where they were last year. And we think that's the middle of the range where they have been over the past three years or two years," said Kourkafas. 

"So I think the market's getting some comfort that hopefully there's going to be some resolution to this. But that is another factor that is adding to the uncertainty." 

The Canadian dollar traded for 73.14 cents US compared with 73.51 cents US on Tuesday. 

The July natural gas contract was up 14 cents US at US$3.99 per mmBTU.

The August gold contract was up US$1.20 at US$3,408.10 an ounce and the July copper contract was up four cents US at US$4.85 a pound.

This report by °µÍø½ûÇø was first published June 18, 2025.

Companies in this story: (TSX: GSPTSE, TSX: CADUSD) 

— With files from The Associated Press.

Note to readers:This is a corrected story. A previous version included the incorrect settle price for oil.