The S&P 500 fell 0.1 per cent in mid-afternoon trade after flipping between small gains and losses, with the Dow Jones down 133 points, or 0.3 per cent, and the Nasdaq composite 0.4 per cent lower, according to the Associated Press. Brent crude rose 4.7 per cent to US$87.50 on uncertainty about when the Strait of Hormuz could reopen, swinging between US$72 and US$102 over the past month as hopes for a US-Iran agreement have risen and fallen.

The Australian sharemarket is set to edge lower, with futures pointing to a loss of 6 points, or 0.1 per cent at the open, ahead of the Reserve Bank's interest rates decision at 2.30pm AEST. Money markets and economists are in near-unanimous agreement the RBA will hold the cash rate steady at 4.35 per cent. The Australian dollar was trading at US70.56¢.

Technology stocks weighed on the US market, with Nvidia falling 2.5 per cent, Apple down 2 per cent and Intel sliding 3.4 per cent after announcing it may sell US$15 billion of stock to fund artificial-intelligence investments, Stan Choe reports for SMH business (AU).