US markets today: Wall Street holds steady near record highs; oil rebounds after Venezuela tanker move

US stocks were largely steady in early trade on Wednesday as oil prices rebounded from multi-year lows, with energy stocks lending support after President Donald Trump ordered a blockade of all sanctioned oil tankers into Venezuela, according to an AP report.The S&P 500 was up 0.1% in early trading, coming off three straight sessions of losses but still hovering near record highs. The Dow Jones Industrial Average rose 171 points, while the Nasdaq composite was flat. Shares of oil producers led gains as US crude climbed 1.4%, clawing back some losses after sliding to its lowest level since 2021 in the previous session.The move in oil followed Trump’s order to block sanctioned Venezuelan tankers, a step that came after US forces last week seized an oil tanker off Venezuela’s coast.

The action marked an escalation in pressure on the Nicolás Maduro government amid a broader US military buildup in the region, AP reported.Asian and European markets traded mostly higher earlier in the day, supported by gains in technology stocks and the jump in crude prices. In Europe, Germany’s DAX rose 0.3%, France’s CAC 40 added 0.1%, and Britain’s FTSE 100 surged 1.4%.In Asia, Japan’s Nikkei 225 gained 0.3% as investors awaited a Bank of Japan decision on interest rates later this week.

Expectations of a rate hike were bolstered by data showing Japan’s exports rose 6% in November from a year earlier, with shipments to the US increasing for the first time since March. A trade deal with the Trump administration that lowered proposed tariffs on Japanese goods also supported sentiment.Hong Kong’s Hang Seng climbed 0.9%, Shanghai’s Composite index jumped 1.2%, and South Korea’s Kospi advanced 1.4%, led by strong gains in chipmakers SK Hynix and Samsung Electronics.

Australia’s benchmark index slipped 0.2%.On Tuesday, Wall Street saw mixed trading as economic data failed to provide clarity on the future path of US interest rates. The S&P 500 fell 0.2%, the Dow dropped 0.6%, while the Nasdaq edged up 0.2%. Reports showed the US unemployment rate at its weakest level since 2021, even as job creation exceeded expectations. Separate data pointed to stronger-than-expected retail revenue growth.Markets continue to weigh hopes that the Federal Reserve could begin cutting interest rates in 2026 against concerns over persistent inflation. Investors are now awaiting inflation data due on Thursday, which is expected to show consumer prices rising faster than policymakers would prefer.Oil prices, after sliding sharply on expectations of ample global supply, rebounded early Wednesday. US crude rose to about $56 a barrel, while Brent crude climbed to nearly $60. In currency markets, the dollar strengthened against the Japanese yen, while the euro slipped slightly against the US dollar.