Markets rally but the fed meeting looms over everything

Global stocks climbed Wednesday as oil prices finally stopped screaming, giving investors just enough breathing room to remember that equities exist. S&P 500 futures rose 0.5% after the index posted back-to-back gains for the first time since the conflict broke out — a small milestone that felt enormous given how brutal the past two weeks have been. But make no mistake: everyone is holding their breath until the Federal Reserve speaks.

Oil steadies, and the market exhales

Brent crude sat nearly flat near $103 a barrel, trading in its narrowest range of the month. That may sound like a footnote, but for portfolio managers who have spent two weeks scrambling to hedge against record oil spikes, it reads like a ceasefire. TD Cowen's head of EMEA trading, Carl Dooley, put it plainly: