S&P 500, Nasdaq open higher as oil pulls back ahead of Fed decision

U.S. equity index futures pointed to a higher open for the S&P 500 and Nasdaq 100 as crude oil prices retreated ahead of the upcoming Federal Reserve policy decision. The move reflects a transmission channel running through inflation expectations: lower oil reduces near-term headline inflation pressure, which in turn eases the market's repricing of the policy path and supports equity valuations via lower discount rates. The Nasdaq 100 is typically the more rate-sensitive of the two indices given its heavier weighting toward long-duration growth companies, so it tends to respond more strongly to shifts in yield expectations than the broader S&P 500. The U.S. dollar is also exposed, as a softer inflation outlook can narrow the rate differential that has supported it, although the direction depends on whether the Fed's guidance confirms or challenges the market's easing expectations. Traders will focus on the Fed's policy statement and the subsequent press conference for any signal on the timing of rate adjustments, alongside the next consumer price index release for confirmation of whether energy-driven disinflation is persisting.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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