05:03 PM EDT, 04/29/2026 (MT Newswires) -- US equity indexes closed mixed on Wednesday as crude oil futures and government bond yields rose amid concern that no end is in sight for the Iran war.

The Federal Open Market Committee maintained its target rate at a policy meeting, but beneath that outcome, the level of dissent was, reportedly, the highest since 1992. Separately, Fed Chair Jerome Powell said he would stay as governor "at least" until the central bank's legal challenges are resolved.

The Dow Jones Industrial Average fell 0.6% to 48,861.81 at the close. The S&P 500 slipped less than 0.1% to 7,135.95 while the Nasdaq Composite rose less than 0.1% to 24,673.24. Utilities and materials were among decliners, while energy led the top gainers.

President Donald Trump has instructed aides to prepare for an extended blockade of Iran, US officials told The Wall Street Journal. In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports, the WSJ reported.

"The blockade is somewhat more effective than the bombing," Trump told Axios on Wednesday. "They are choking like a stuffed pig. And it is going to be worse for them. They can't have a nuclear weapon."

West Texas Intermediate crude oil futures soared 8.3% to $108.19, and Brent crude futures surged 7.8% to $119.95 amid concern that Trump's policy will prolong disruption in the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.

In precious metals, gold futures declined 1.1% to $4,557.9 and silver futures slid 2.7% to $71.24, as higher crude oil prices triggered inflation concerns.

Most US Treasury yields rose, with the 10-year jumping seven basis points to 4.42% and the two-year catapulting 10.1 basis points to 3.95%.

The FOMC maintained its target rate at 3.50% to 3.75%, as expected, but four officials dissented, its statement showed late Wednesday. The Fed, in its statement, maintained language stating the "extent and timing of additional adjustments," which implies a lingering bias toward additional rate cuts, according to a Stifel note.

"At the very least, the cohort of dissents sends a signal to both the market and new leadership that many agree the data do not support any additional accommodation at this point, and any push to implement such will potentially face fierce opposition," Lindsey Piegza, chief economist at Stifel, said in the note.

Fed Governor Stephen Miran again sought a 25-basis-point rate cut. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan supported holding rates steady but "did not support inclusion of an easing bias in the statement at this time," according to the Fed.

Chair Powell said he will continue to serve as a Fed Governor after his term as chair ends next month. Powell's term as governor is due to end in January 2028, but he could leave before the expiry. "I will stay until it is appropriate for me to leave."