What will the Fed do tomorrow? | Saudis promise swift recovery | Facebook smart glasses

Stock investors held firm ahead of the Fed's next decision on interest rates.

VIEW IN BROWSER | SUBSCRIBE TUE, SEP 17, 2019 EVENING BRIEF AS OF TUE, SEP 17, 2019 • 04:02 ET DJIA 27108.15 +0.12% +31.33 S&P 500 3005.44 +0.25% +7.48 NASDAQ 8186.02 +0.40% +32.47   Most Active DOW NAME LAST CHG %CHG INTC 51.95 -0.25 -0.48% AAPL 220.70 +0.80 +0.36% PFE 36.51 -0.32 -0.87% S&P 500 NAME LAST CHG %CHG BAC 29.94 -0.19 -0.63% GE 9.36 -0.02 -0.21% AMD 30.99 +0.16 +0.52% NASDAQ NAME LAST CHG %CHG AMD 30.99 +0.16 +0.52% KHC 28.36 -1.26 -4.25% SIRI 6.47 +0.10 +1.57% EDITOR'S NOTE The next big shift in the market may come tomorrow afternoon when Federal Reserve Chairman Jerome Powell unveils the central bank's next move as well as its outlook for the rest of the year.   The Fed is widely expected to cut its key interest rate by a quarter point, although President Donald Trump has been demanding a larger reduction to keep the economy humming under his watch.   The Fed is also under market pressure to cut rates. As seen in the chart below, the yield on the 10-year Treasury is well below the Federal Funds rate, and inflation, as measured by the Consumer Price Index, is well below the Fed's target of 2%, giving the Fed room to cut.  As rates go lower, the Fed may have less influence over the market. Interest rates soared this week in what's known as the repo market. This is where the Fed and Wall Street's biggest banks trade overnight loans to maintain liquidity. Rates spiked because there wasn't enough cash to go around.   Some blamed quarterly tax season as large corporations sought cash to pay Uncle Sam. Others blamed the Fed for not keep enough cash in the system. Others still, suggested the runaway rate was just another sign that the Fed was losing control. Powell will likely address this issue tomorrow as he announces the Fed's decision and offers guidance on rates.   Oil prices, which had skyrocketed after a weekend attack on Saudi oil installations, fell after Energy minister Prince Abdulaziz bin Salman said the lost oil supply would be back online by the end of September.   Given recent volatility, it was a day of calm. Let's see what tomorrow brings.   Enjoying the CNBC Evening Brief newsletter? Tell us how we're doing and what we can do better by filling out this simple survey. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Oil drops 5% one day after historic surge as Saudis signal output to return to normal soon Stocks are on hold as traders await Fed decision GM strike costing up to $100 million a day isn't worrying investors — at least not yet Facebook enlists Ray-Ban maker to help develop 'Orion' smart glasses, a secret project underway for several years Fed runs repo Tuesday amid worries about keeping its benchmark rate in check WeWork still plans to go public this year after delaying IPO to sharpen the story for investors Viacom CEO Bakish sees CBS deal closing in December, 'disappointed' by stock reaction Schwarzman: I'm hearing that China is quickly working to stop illicit fentanyl shipments to the US Recession fears among fund managers rise to highest level in a decade Fanatics poaches Nike exec as CFO; business is targeting $2.5 billion in sales this year     TOP VIDEO Saudis: Oil market will be fully online by end of September   SPECIAL REPORTS Fed rate cut is coming, but corporate insiders still doubt it is necessary Crude gets crushed after Saudis signal faster comeback from attacks   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS