US Markets Mixed as Oil Prices Soar Following Iranian Missile Barrage
US markets were mixed ahead of the Federal Reserve's decision on interest rates, while oil prices surged more than 4% following a missile barrage from Iran against American forces in the Middle East.
Jordan's air defenses intercepted five missiles launched from Iran, and the US military knocked down an Iranian missile barrage. The calm in the region was short-lived, with Brent crude jumping $3.71 to $85.79 a barrel and benchmark US crude gaining $3.78 to $83.04 a barrel.
The Federal Reserve's decision on interest rates is highly anticipated, but analysts expect no change in policy as inflation remains above its 2% target and unemployment is low at 4.2%. However, 76% of Wall Street traders foresee a rate hike in September, according to the CME FedWatch tool.