Stock market today: Live updates

S&P 500 futures were relatively unchanged on Wednesday as oil prices rose and traders awaited the latest monetary policy decision from the Federal Reserve.

Futures tied to the broad market index climbed 0.1%, while Nasdaq-100 futures gained 0.7%. Dow Jones Industrial Average futures traded down 44 points, or 0.1%.

Oil prices traded slightly higher after President Donald Trump said Wednesday a deal with Iran was not yet final, noting the U.S. will “go right back to dropping bombs” if he doesn’t like the agreement. U.S. West Texas Intermediate futures were up nearly 1% at around $76 per barrel, while international Brent crude futures rose almost 1% to roughly $79 a barrel.

Energy prices had fallen earlier this week following an announcement from Trump that the U.S. and Iran had reached a potential deal to end the war. Pakistani Prime Minister Shehbaz Sharif said that both sides have terminated their military operations, while an official signing ceremony will take place in Switzerland this Friday.

SpaceX traded higher by more than 2% in the premarket. The stock has been on fire since the rocket company’s initial public offering last week, which was priced at $135. In that short time, shares are up around 50%, bolting the company’s valuation above that of Amazon’s.

Shares of Intel rose 3% in early trading as part of a broader comeback among chip stocks. This comes on the heels of the company starting production of its most-advanced chip node known as 18A-P, a step that moves the company closer to securing a potential agreement to produce chips for Apple devices.

Alongside Intel, ASML advanced, while the Invesco PHLX Semiconductor ETF (SOXQ) was up by 2%.

Asia markets closed mostly higher Wednesday, with Japan’s Nikkei 225 scaling a new peak, and rising 0.72%. South Korea’s Kospi advanced 1.58%. Hong Kong Hang Seng Index was down 0.7%, while mainland China’s CSI 300 gained nearly 1%. In Europe, the Stoxx 600 rose 0.3%.

Investors are looking ahead to the Fed delivering its latest policy decision at 2 p.m. It will be the first under new Chairman Kevin Warsh, who will also hold a news conference at 2:30 p.m.

Investors are largely expecting that the Fed will keep interest rates unchanged at a target range of 3.5% to 3.75%. However, most Wall Street Fed watchers anticipate that Warsh won’t submit a “dot” to the FOMC’s quarterly update of where individual officers expect rates to head from here.

“While the drop in oil prices helps to ease inflation, it can also spur more economic activity, which could warrant higher interest rates in the future,” said James Demmert, Main Street Research’s chief investment officer. “We would not be surprised to see Warsh mention accelerating economic growth and the potential for higher rates going forward, even with the political pressure he is facing to cut rates.”

Stocks are coming off a mixed session, with the Dow topping 52,000 for the first time, while the S&P 500 and Nasdaq fell.