Nasdaq Recovers as Markets Await Kevin Warsh’s First Fed Decision

The S&P tech sector climbed 0.6% by midday, providing a modest lift to the Nasdaq composite. Elon Musk’s SpaceX, while still dominating Nasdaq trading volume in dollar terms, saw its early gains evaporate as the session progressed. Traders are bracing for a 2 p.m. ET announcement from the Fed, where interest rates are widely expected to remain steady.

Beyond the central bank, the energy market is grappling with the geopolitical fallout of the Iran war. Brent crude futures hovered near $80 a barrel, marking their lowest point since the conflict began. The International Energy Agency cautioned that even if current ceasefire efforts succeed, global oil production and export capacity will require months of stabilization. Despite the pause in hostilities, the central bank’s internal dialogue is shifting, with discussions increasingly focused on potential rate hikes rather than the easing measures that previously defined market expectations.