Stock Market Today, March 17: Markets Edge Upwards as Fed Meeting Opens

The S&P 500 (^GSPC +0.25%) rose 0.25% to 6,716.09, the Nasdaq Composite (^IXIC +0.47%) added 0.47% to 22,479.53, and the Dow Jones Industrial Average (^DJI +0.10%) edged up 0.10% to 46,993.26 despite rising oil prices as traders began to look past the Iran conflict.

Market movers

Micron Technology (MU +4.44%) rallied ahead of tomorrow’s earnings on memory chip demand optimism. **Uber Technologies **(UBER +4.26%) gained on news of an extended robotaxi partnership with Nvidia (NVDA 0.74%). Qualcomm (QCOM +1.62%) benefited from its newly announced $20 billion buyback and a dividend boost.

In contrast, Eli Lilly (LLY 5.94%) fell after HSBC downgraded it from “hold” to “reduce” and slashed its obesity drug forecasts. **The Trade Desk **(TTD 7.42%) slipped in the final hours of trading. Airline stocks gained after Delta (DAL +6.56%) raised its revenue forecast.

What this means for investors

The Federal Reserve opened its two-day meeting today against a backdrop of geopolitical turmoil and high energy prices. The Fed is widely expected to leave rates unchanged. Investors will watch Chair Jerome Powell’s comments tomorrow closely for hints about economic conditions and any future rate changes.

Now in its third week, the Iran war continues to weigh on investor confidence. However, today’s slight gains, even as crude oil again topped $100 per barrel, suggest traders are starting to look beyond the conflict.

Bank of America’s latest Global Fund Manager Survey for March reflected that cautious tone. The report, released today, showed that fund managers are concerned about global growth and rising inflation. Private credit concerns remain, and cash allocations are increasing.