The three major stock indexes are mixed, with the Nasdaq composite roughly flat after yesterday’s stumble. The S&P tech sector is up about 0.7%, with chip stocks rising. After climbing early in the session, Elon Musk’s SpaceX is slipping.
The Fed is expected to keep rates steady when it announces its decision at 2 p.m. ET. Conversation at the central bank, however, is turning toward rate hikes rather than cuts, as my colleague Nick Timiraos reports. (Warsh’s first press conference as Fed chairman is slated to start at 2:30. You can watch it here.)
Brent crude oil futures are paring gains, trading around $80 a barrel, near their lowest level since the first few days of the Iran war. Still, assuming a deal to stop the fighting holds, oil exports and production will take months to recover, the International Energy Agency said today.