US stocks gain as investors await Federal Reserve decision

The Nasdaq and S&P 500 extended gains as investors positioned themselves ahead of the Fed's policy decision, with sentiment supported by a modest pullback in crude prices that offered some breathing room for equity markets.

The decline in oil prices provided relief to market participants grappling with inflation concerns, as lower energy costs could ease pressure on corporate margins and consumer spending. The pullback came as traders awaited clarity on the central bank's stance on monetary policy.

Markets have been closely monitoring economic data and central bank communications for signals about the trajectory of interest rates. The Fed's decision carries significant implications for equity valuations, borrowing costs, and broader economic growth prospects across the region's trading partners.

Investors in Malaysia and across Southeast Asia have been tracking the US market movements closely, given the region's exposure to American financial markets and the spillover effects of Federal Reserve policy on emerging market currencies and capital flows.