Stock Market Today: S&P 500 and Nasdaq Steady as AI Rebound Collides with Fed Rate Decision and Oil Volatility

Market Overview - U.S. equity markets opened with cautious resilience, balancing a rebound in technology shares against geopolitical tensions and an upcoming Federal Reserve meeting [1] - Major indexes showed minor fluctuations, with the S&P 500 at approximately 6,699.38, up 0.06%, the Dow Jones Industrial Average at 46,946.41, up 0.12%, and the Nasdaq Composite at 22,374.18, down 0.02% [2] Energy Sector - The energy sector remains a primary driver of market sentiment, with crude oil prices climbing again; Brent crude is above $103 per barrel and WTI has increased by 3.5% to $96.80 [3] - The ongoing conflict in the Middle East is causing disturbances in the Strait of Hormuz, impacting global oil supply and raising concerns over inflation and consumer spending [3] Upcoming Events - The Federal Open Market Committee (FOMC) meeting is a key focus, with expectations that the benchmark rate will remain at 3.75%; the updated Summary of Economic Projections will provide insights on potential rate cuts [4] - The Nvidia GTC 2026 conference is ongoing, where CEO Jensen Huang projected $1 trillion in demand for AI chips through 2027, influencing the technology sector significantly [5] Corporate Developments - Public Storage announced a $10.5 billion all-stock acquisition of National Storage Affiliates, adding 69 million rentable square feet to its portfolio; NSA shares rose 30% while PSA shares fell 1.7% [6] - Meta Platforms is in the news for a $27 billion infrastructure contract with Nebius Group and is reportedly planning further layoffs [7] - Tesla is shifting its supply chain strategy, moving away from CATL to a new deal with LG for battery components [7] Stock Movements - Uber shares increased by 2.3% following an expanded partnership with Nvidia to launch a robotaxi fleet in 28 cities by 2027 [8] - Delta Air Lines raised its first-quarter revenue guidance due to increased consumer and corporate demand, while Dollar Tree reported stronger-than-expected quarterly profits [8] - Beyond Meat shares fell by 6% after delaying its annual report [8] Earnings Releases - Investors are anticipating earnings releases from Lululemon, DocuSign, and Oklo later today, marking a critical session for the market [9]