Market Wrap / cautious mood

With the Iran-Israel conflict stretching into its sixth day, a cautious sentiment prevailed during Wednesday's trade. The S&P/ASX 200 fell 0.12% to 8531.20 points. 

The materials sector receded as both iron ore and copper prices fell. Diversified miners like BHP were hit, with the mining giant down 1.2%. 

Bucking the trend, uranium stocks advanced as investors bet on a continued price rise, driven by growing nuclear demand. Boss Energy gained 4.3% as it also announced it has met its FY25 production guidance at its Honeymoon uranium mine. 

The energy sector was higher amid fears of supply disruption. However Woodside shares have struggled to keep up over the past two days as it faces a legal challenge over its North West Shelf extension. Shares fell 0.2% today and Karoon remained unchanged after its successful bid to expand in Brazil. 

On the crypto front, the US Senate passed the “GENIUS” bill to create a regulatory framework for US dollar-pegged crypto tokens known as stablecoins.

Tonight, all eyes will be on the FOMC, due to hand down its interest rate decision. And jobs data is due locally tomorrow.