Here is what you need to know.
Here comes the Fed. The Federal Open Market Committee is widely expected to raise its benchmark interest rate 25 basis points to a range between 1.75% and 2% at the conclusion of its two-day meeting. The decision will cross the wires at 2 p.m. ET.
Goldman Sachs says investors aren’t ready for the Federal Reserve’s decision. In a note sent out to clients on Tuesday, the bank said investors weren’t adequately positioned for a move in bank stocks.
The Nasdaq hits a record high. The tech-heavy index gained 0.57% Tuesday and finished at a record high of 7,703.79.
Vladimir Putin plans to meet Saudi Prince Mohammed bin Salman to talk oil. The two leaders will meet ahead of the World Cup to discuss the oil-production cuts that have been in place since early 2017, Reuters reports.
South Korean stocks tied to improved relations with the North have soared. The construction-material maker Busan Industrial has soared by about 500% this year on hope surrounding a possible reunification of the Korean Peninsula.
Get ready for a drop in trading volumes. Thomson Reuters analyzed trading volumes surrounding big World Cup matches and found that trading on major stock exchanges slowed during the 2014 World Cup - especially when Brazil and Germany were playing.
A judge gives AT&T the green light for its $85 billion merger with Time Warner. The deal, nearly two years in the making, is likely to set off a bidding war between Disney and Comcast for assets of 21st Century Fox.
ZTE tanks after it agrees to pay a $1.4 billion settlement to the US. Shares of the telecommunications giant crashed as much as 41% in Hong Kong, wiping away $3 billion in market cap, after reopening following a two-month trading suspension, Reuters says.
Tesla is laying off about 9% of its workers. In an email sent out to employees on Tuesday, Tesla CEO Elon Musk said the layoffs would primarily affect salaried employees and would not disrupt production of the Model 3.
US economic data trickles out. Producer prices will be released at 8:30 a.m. ET. The US 10-year yield is unchanged at 2.96%.