Stocks moved a bit higher on Tuesday, but gains were slight. Investors and traders will be paying close attention to the comments and wording of Wednesday’s FOMC announcement. A rate hike is not expected, but observers will be looking for any hints to what action the Fed may take at the next meeting in June.
On the commodity side crude oil slid mid day on supply news. Saudi Arabia also confirmed that lower prices aren’t having as big of a negative effect as first thought. Crude moved a dollar lower before wiping away some of the move ad closing -76 at 48.08. The geo political concerns have probably kept crude from breaking down further.
Earnings will continue to influence the market this week with major companies still to report. Lighter trading could take place ahead of the FOMC announcement on Wednesday. From there, all eyes will be awaiting the jobs data on Thursday and Friday.