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Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange on May 17, 2024.
Brendan McDermid | Reuters
Stock futures hovered near the flat line late Tuesday as investors awaited the Federal Reserve's interest rate decision and May consumer inflation data.
Futures contracts linked to Dow Jones Industrial Average slipped 9 points, or 0.02%. S&P 500 Futures Contracts increased by 0.04%, while Nasdaq 100 Futures added 0.1%.
In extended trading, Oracle jumped 9% as traders obsessed over the software maker's recently announced cloud deals with Google and OpenAI, ignoring the failures of the company's most recent quarter.
During Tuesday's session, investor rotation into Apple helped propel the S&P 500 and Nasdaq Composite to new closing highs. The iPhone maker announced plans to move into artificial intelligence at its developers conference this week, fueling a rally in the stock. The Dow was the outlier of the three major averages, losing 0.31%.
Investors await the conclusion of the Fed's two-day policy meeting on Wednesday, which will feature a rate policy decision and a subsequent news conference with Fed Chairman Jerome Powell.
As market pricing indicates the Fed will keep its benchmark overnight borrowing rate in a range between 5.25% and 5.5%, the market will be watching for central bankers' updates to their summary economic projections, which could clarify the policy path forward. Investors are increasingly concerned that recent employment reports and persistent inflation support a higher and longer interest rate environment.
“The market will be focused on any mention in the Fed statement, the dot plot or Chairman Powell's comments regarding labor market concerns, given Powell's remarks that indications of deterioration could lead to easing rates,” said Quincy Krosby, chief global strategist at LPL Financial.
The May Consumer Price Index, a broad measure of the costs of goods and services, will also be released Wednesday morning. The report is expected to show only a 0.1% increase from April and a 3.4% increase on an annual basis.
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