A critical Fed meeting, $100 oil, and Micron earnings: What to watch this week

Market Overview - US equities ended the week lower, with the S&P 500 down 0.6% on Friday and a total weekly loss of 1.6% [1] - The Dow Jones Industrial Average fell 0.3% on Friday, closing the week down 2% [1] - The Nasdaq Composite decreased by 0.9% on Friday, ending the week down 1.3% [1] Economic Calendar - The upcoming week will focus on the Federal Reserve meeting, particularly on Chair Jerome Powell's comments regarding the war in Iran and its inflation impact [2] - Key labor market data will be released, including ADP's weekly employment change on Tuesday and jobless claims data on Thursday, along with manufacturing data on Monday [2] Earnings Calendar - Micron's earnings report on Wednesday will be a highlight, alongside reports from Dollar Tree, Oklo, Macy's, and Darden Restaurants [3] - Nvidia's GTC 2026 event, featuring a keynote from CEO Jensen Huang, is also anticipated [3] Oil Market Dynamics - Oil prices recently surged above $100 per barrel for the first time since the 2022 energy crisis, before cooling into the $80s [4] - Factors contributing to price volatility include drone strikes on infrastructure, force majeure declarations from refineries, and production cuts in Gulf states [4] - The Strait of Hormuz, a critical shipping route for oil, remains blocked, with Iran's Revolutionary Guard Corps asserting control over oil passage [5] Price Projections - If the Strait remains closed for 60 days, Goldman Sachs projects fourth quarter oil prices could average $93 per barrel for Brent and $89 per barrel for US West Texas Intermediate [6]