Oil prices rallied after U.S. crude inventories unexpectedly declined and Hurricane Sally curtailed offshore production in the Gulf of Mexico
Futures tied to the S&P 500% rose 0.4%, suggesting that the broad gauge may open higher. Contracts tied to the Nasdaq Composite Index ticked up 0.6%. Both benchmarks are in negative territory for the month so far, with the Nasdaq down nearly 5% in September.
Investors are weighing the prospect of continued support from the central bank against further delays to a fiscal spending package expected from lawmakers. While the Fed isn’t expected to change interest rates Wednesday, policy makers may revise closely watched economic and inflation projections. “We’re expecting to see an upgrade in the growth numbers for the U.S.,” said Edward Park, deputy chief investment officer at Brooks Macdonald. “Last time, they were very bearish compared to what the market had been expecting.”conduct policy over the long run“There is room for market disappointment today if we don’t get any further details,” said Seema Shah, chief strategist at Principal Global Investors.
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