US stocks declined and oil continued to surge, while all focus turns to the FOMC – Newsquawk Daily Asia-Pac Market Open

US stocks closed lower again on Tuesday, with the Nasdaq and Russell underperforming, while the equal-weight S&P fell 0.4%. Calls for a slowdown in AI development remained an overhang for sentiment, although the SOXX and DRAM ETFs were marginally firmer following their sharp declines on Monday. Sectors were predominantly in the red, with weakness led by Consumer Discretionary, Communication Services and Utilities, although Energy bucked the trend as crude prices rallied amid fresh supply concerns after Libya’s NOC said operations had been suspended at three oil fields, while Saudi Arabia reportedly informed some European refiners that their September crude cargo…