Mixed Markets Ahead of Fed Decision as Oil Prices Surge

Global markets were mixed on Wednesday ahead of the Federal Reserve's interest rate decision. The US central bank is not expected to raise or cut rates at this meeting, but 76% of Wall Street traders foresee a rate hike in September.

The S&P 500 futures gained 0.2%, while Dow Jones Industrial Average futures lost 0.3%. Nasdaq futures rose 0.3%. In contrast, South Korea's Kospi stock index fell another 6% as investors dumped chipmakers' shares due to doubts over massive investments in artificial intelligence.

Oil prices jumped more than 4% after Jordan and the US knocked down an Iranian missile barrage launched against American forces in the Middle East. Brent crude rose $3.71 to $85.79 a barrel, while benchmark US crude gained $3.78 to $83.04 a barrel.