Wall Street stable as oil fears fade, investors wait Fed by Investing.com

Investing.com – Shares held their spot Tuesday amid uncertainties in the Middle East, the spectacular crash of an IPO and what the Federal Reserve will do with Wednesday's interest rates.

The finish up 0.26%. The increase of 0.12% and the increase of 0.40%. The index was also slightly higher.

Outside of normal business hours, FedEx (NYSE 🙂 parcel shipping giant's shares plummeted after disappointing statements and poor forecasts. The company's complaint is the intensification of competition and the effects of global trade disputes on its business. Shares fell 9.3% to $ 157.36. If the loss is maintained on Wednesday, the shares would be down for the year.

Shares in Adobe Systems (NASDAQ 🙂 were also lower, despite exceptional revenue and performance.

The biggest influence on the markets was the state of oil processing facilities and oil fields in Saudi Arabia after Saturday's drone attack. Saudi Oil Minister Abdulaziz bin Salman said half of the production at his key Abqaiq processing facility had been restored in two days. The rest will be restored at the end of September.

Crude oil prices dropped in response. crude fell by 5.66% to 59.34 dollars per barrel. Crude, the global benchmark, fell to $ 4.57, or about 6.5%, to $ 64.55. The December contract was down from $ 4.12 to $ 63.56.

Energy stocks were mainly down, with the largest declines recorded at Chesapeake Energy (NYSE :), Apache (NYSE 🙂 and Halliburton (NYSE :).

WeWork, WeWork's parent company, was behind the dramatic collapse of its IPO, a company with an estimated market capitalization of $ 20 billion. The IPO was withdrawn on Tuesday until at least October because of investors' skepticism about the details.

The US Federal Reserve has launched a two-day interest rate meeting. A rate decision is to be taken Wednesday at 14:00 (18:00 GMT). The Fed is expected to cut its rates from 1.75% to 2%, but Investing.com's put options give this result a chance of just 48.5%. The chances have quickly decreased. A week ago, the odds were about 90%.

The causes are soaring stock markets so far in September, decent economic reports and higher bond yields.

The yield was at 1.805%, down 1.843% Monday. The Fed was actively involved in the money markets on Tuesday with the aim of lowering interest rates. The 10-year yield was as low as 1.462% on September 3rd, as worries about the recession rose.

Stocks of airlines, including American Airlines Group (NASDAQ :), JetBlue Airways (NASDAQ 🙂 and United Airlines (NASDAQ :)) advanced as a result of the drop in oil prices. Department store stocks including Nordstrom (NYSE :), Macy's (NYSE 🙂 and Dillards (NYSE 🙂 were significantly lower.

MSCI Software Developer (NYSE :), Giants of Packaging Sealed air (NYSE 🙂 and Ball (NYSE :), as well as the CME Group Futures Trading Company (NASDAQ :), were among the top performers in the S & P 500 over the day.

Nordstrom, Apache, Marathon oil (NYSE 🙂 and contract driller Helmerich and Payne (NYSE 🙂 were among the latecomers.