Stocks Ended Modestly Higher ahead of Fed Decision

U.S. stocks ended modestly higher on Tuesday, a day ahead of the outcome of a Federal Reserve policy meeting that’s expected to deliver a rate cut. The Dow Jones Industrial Average rose 33.98 points, or 0.13%, to 27,110.80. The S&P 500 added 7.74 points, or 0.26%, to 3,005.70. The Nasdaq Composite gained 32.47 points, or 0.40%, to 8,186.02.

Oil futures dropped sharply Tuesday after Saudi Arabia’s energy minister said the kingdom’s crude production could return to normal as soon as the end of the month. West Texas Intermediate crude for October delivery fell $3.56, or 5.7%, to settle at $59.34 a barrel.November Brent crude lost $4.47, or 6.5%, to end at $64.55 a barrel.

FedEx (FDX) reported first-quarter results that missed consensus expectations and lowered guidance for the fiscal 2020 year. It earned $745 million, or $2.84 a share, in the quarter, compared with $835 million, or $3.10 a share, in the year-ago period. Revenue was flat at $17.05 billion. The company forecasts fiscal 2020 adjusted earnings between $11 a share and $13 a share.