Nasdaq reaches record highs while European gasoil futures surge over 4% on potential U.S. export restrictions and a strengthening dollar.
European gasoil futures surged more than 4% after Trump signaled support for a ban on U.S. diesel exports.
The Nasdaq Composite closed at a record high, gaining 0.5% and reaching an all-time intraday peak.
November Brent futures were trading near $99.60 a barrel, a gain of roughly 0.4%.
West Texas Intermediate futures retreated 0.6% to $89.97 a barrel.
The dollar advanced to a near two-month peak on a trade-weighted basis, propelled by the Fed's hawkish posture.
The Dow Jones Industrial Average shed 0.4% on the day.
The S&P 500 ended fractionally in the red, still roughly 0.7% short of its all-time high.
The euro fell against the greenback as the dollar strengthened.
The yen fell against the dollar, which advanced broadly.
The pound fell against the dollar as the greenback strengthened.
The Stoxx 600 retreated on Wednesday morning as Brent crude climbed again.
Nasdaq-100 futures slipped 0.1% heading into Wednesday's session.
South Korea's Kospi added 0.9% in Asia-Pacific trading.
Mainland China's CSI 300 dropped 0.6%.
Australia's S&P/ASX 200 posted a modest gain.
General Mills is mentioned as reporting earnings on Wednesday, but no expectations or results are provided.
Paychex is mentioned as reporting earnings on Wednesday, but no expectations or results are provided.
H.B. Fuller is mentioned as reporting earnings on Wednesday, but no expectations or results are provided.
The Nasdaq Composite climbed 0.5% to a record close on Tuesday, even as the Dow and S&P 500 retreated. Markets are reacting to potential U.S. diesel export bans and hawkish Federal Reserve policy, which pushed the dollar to a two-month peak.
Futures surged over 4% after President Trump and Treasury Secretary Scott Bessent signaled that the administration is evaluating a potential ban on U.S. diesel exports.