Oil Jumps as Markets Await Fed and Big Tech Earnings
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STRATO’s announcement covers rising oil prices after a Saudi refinery attack, Wall Street’s gains, and upcoming Microsoft and Alphabet earnings. It also highlights the Federal Reserve’s expected rate hold, inflation concerns, and the approaching US PCE report, inviting the community to make market predictions on STRATO Odds.
NEW: Saudi refinery attack sends oil higher as Wall Street awaits Fed decision and Big Tech earnings
A renewed attack on Saudi energy infrastructure has pushed oil prices higher, bringing inflation concerns back into focus just hours before the Federal Reserve’s interest rate decision.
Oil: Crude prices rose more than $2 following the refinery attack, reversing part of Tuesday’s decline as traders reassessed supply risks in the Middle East.
Stocks: The S&P 500 gained 0.6% on Tuesday, closing at 7,722.60, while the Nasdaq advanced 1.2%. AI-related stocks led the recovery, although most S&P 500 constituents finished lower. Microsoft and Alphabet report earnings after today’s close, putting AI spending and profitability under scrutiny.
Gold & Silver: Gold declined 0.7% to approximately $4,030 per ounce, while silver fell 1% to $53.82. Higher oil prices renewed inflation concerns ahead of today’s Fed announcement. Markets currently assign an 84% probability to a December rate increase.
Federal Reserve: Policymakers are widely expected to hold rates steady today. Investors will be watching the accompanying guidance for signals on future rate increases, particularly ahead of Thursday’s US PCE inflation report.
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