It’s another choppy day, as investors react to earnings and ahead of tomorrow’s FOMC meeting. However, they have moved off morning session lows.

Growth names are lower today after Palantir (PLTR) earnings that featured in-line earnings per share despite significant revenue upside.

The only sectors in the green are Energy (XLE), getting a boost from oil, and Utilities (XLU). Interestingly, Utilities opened lower and then rallied into the green over the day. Health Care (XLV) is the worst performer, led lower by a poor earnings report from Vertex Pharmaceuticals (VRTX).

Meanwhile, oil prices are surging today driven by geopolitical tensions in the Middle East and potential supply disruptions.

Investors are waiting for the FOMC meeting tomorrow, with the probability skewed towards no rate cut.