Afternoon Market Update: What To Watch For Ahead Of The Closing Bell

Markets aren’t moving too much today as the FOMC kicks off its meeting, with the Russell, Dow, S&P, and Nasdaq seeing little movement.

In other products, crude oil gave up about half of its gains from yesterday after a drone strike on Saudi Arabian production facilities. The Saudi Arabian Energy Minister said oil output should be at full strength by the end of the month, and the Saudi Aramco IPO will not be affected.

Tomorrow will be a big day for economic data, with the Fed’s rate announcement as well as housing starts and MBA mortgage applications. On the earnings front, Adobe Inc (NASDAQ: ADBE), FedEx Corporation (NYSE: FDX), and Chewy Inc (NYSE: CHWY) report after the closing bell. General Mills, Inc. (NYSE: GIS) reports in tomorrow’s pre-market.

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