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WALL STREET MIXED AS FED DECISION, WARSH DEBUT LOOM; SPACEX SURGES

The main U.S. indexes are mixed early on Tuesday as investors tread cautiously ahead of the first interest rate decision under new Federal Reserve Chair Kevin Warsh. No change in rates is expected at the conclusion of the two-day policy meeting on Wednesday, but investors will be closely watching Warsh’s performance in his post-statement press conference.

U.S. stocks rallied in the previous session after U.S. President Donald Trump said a preliminary agreement to end the conflict had been signed. Still, doubts linger around the deal, with shippers warning it could take weeks for confidence to return following any reopening of the Strait of Hormuz.

Meanwhile, SpaceX SPCX.O surged more than 15% at one point, lifting its market value above both Amazon.com .AMZN.O and Microsoft MSFT.O to become the world’s fourth- most valuable company.

A majority of S&P 500 .SPX sectors are higher, led by utilities .SPLRCU and industrials .SPLRCI, while energy .SPNY and tech .SPLRCT lag.

Beneath the surface, big banks .SPXBK are among the outperformers, while software & services .SPLRCIS is under pressure.

Among the indexes on track for record closing highs are the Dow .DJI, midcaps .MID, small caps .SPCY and the S&P 500 industrial sector.

Here is a snapshot of where markets stood around 10:29 a.m. ET.

(Terence Gabriel)

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