Energy Stocks Lead Wall Street Higher, All Eyes Turn to the FOMC
By Prime Research | Updated at: Mar 18, 2026 11:00 AM IST
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U.S. equities extended their recovery for a second straight session on Tuesday. The Nasdaq led gains, rising 0.5% to 22,479, while the S&P 500 added 0.3% to 6,716 and the Dow edged up 0.1% to 46,993. The S&P 500 remains 3.6% below its pre-conflict high since fighting with Iran began February 28.
Energy led sectoral gains as WTI crude climbed to $94, with supply constraints through the Strait of Hormuz keeping prices elevated. Consumer discretionary also outperformed, up roughly 1%, after Delta and American Airlines both raised revenue guidance.
Micron surged to a 52-week high ahead of its fiscal Q2 earnings — analysts project revenue up 139% year-over-year to $19.3 billion and EPS growth of 464% to $8.80 — driven by its dominance in HBM3E memory chips for AI accelerators. The stock has gained over 340% in the past year.
All attention now turns to the Fed, whose two-day meeting concludes today. Markets overwhelmingly expect rates to hold at 3.5%–3.75%. With Jerome Powell nearing the end of his term, focus will be on the FOMC statement, the dot plot, and his press conference for signals on how rising energy costs may affect the inflation outlook and the timeline for rate cuts.
In Asia, South Korea’s KOSPI jumped over 3% and Japan’s Nikkei rose 2% after Japanese exports beat estimates with 4.2% year-over-year growth in February.
The Indian Rupee also continued its upward trajectory for the second day, appreciating by 5 paise to close at 92.37 yesterday. The domestic currency found support from the equity markets recovery and strength in Asian currencies.
Nifty continued its pull back rally for the second day in the row and closed near day high yesterday. On the higher side, 23700 stands as the immediate resistance; a breach above this level could clear the path toward 23,835. Conversely, a decisive break below 23,300 would signal a resumption of the downtrend.
Indian markets are poised to open modestly higher on the back of postive global cues. We expect markets to gain momentum as foreign investors begin unwinding their short positions in index futures.
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