Fed’s meeting today. What to expect?

News of the day, Wednesday, May 4

Citigroup Inc.'s London trading desk was behind the sudden collapse that sent stocks plummeting across Europe. A trader at the U.S. firm made a mistake, Citigroup said. A five-minute sell-off in Swedish stocks wreaked havoc on exchanges from Paris to Warsaw, wiping out 300 billion euros of capitalization in the blink of an eye. The OMX Stockholm 30 Index closed 1.9 percent lower, roughly matching the decline in European markets. It fell as much as 8% in just five minutes before recovering from losses. The mistake could potentially cause monetary and reputational damage to Citigroup, as Nasdaq said it would not cancel the trades.

Elon Musk is going to make Twitter public again after three years after the acquisition. He has already told investors that they can cash out in three years as he seeks funds to finance his $44 billion buyout of the social media platform.

The Dow increased on Tuesday but closed below the session maximum as investors look ahead to Fed’s meeting decisions. Jerome Powell, the Federal Reserve chairman, has previously announced a 0.5% interest rate hike this Wednesday, which will lead Treasury yields to continue their climb.

"It's still pretty clear that interest rates are still incredibly low relative to the long-term mean ... they're just barely starting to break above trend lines, looking at the deep history back to the 1980s, or any sort of interest rate history,"  Chief Market Strategist David Keller at StockCharts told.

The price of Brent crude is $108.70, WTI — $106.20, GBP/USD — 1.2513, EUR/USD — 1.0528, and gold costs $1869.20 per ounce.