Traders and floor officials react to technical issues on the floor of the New York Stock Exchange on June 3, 2024.
Brendan McDermid | Reuters
U.S. stock futures were little changed late Sunday after a week of gains, as traders looked ahead to the Federal Reserve’s interest rate decision and May inflation data.
Dow Jones Industrial Average futures rose 13 points. S&P 500 and Nasdaq 100 futures were flat.
Wall Street’s major indexes had a positive week, with the S&P 500 hitting a record intraday high on Friday. The broader market index rose 1.32%. Meanwhile, the 30-stock Dow Jones Industrial Average rose 0.29% and the Nasdaq rose 2.38%.
especially, Nvidia Shares of the chipmaker rose 10% last week as enthusiasm for the artificial intelligence darling pushed the chip maker’s market value past $3 trillion for the first time.
However, the Federal Reserve’s latest interest rate decision and May consumer price index expected to be released on Wednesday could pose a key test for the market, especially after Friday’s strong jobs report continued to indicate that the central bank may delay cutting interest rates.
Investors will parse the Federal Reserve’s latest forecasts on when and how often it will cut interest rates. The market currently expects only one rate cut this year, in November. According to CME Group’s FedWatch tool.
“We view the impact on FOMC policy as mixed,” wrote Macquarie’s David Doyle, who expects rate cuts to begin in 2025 in his base case. has to be more meaningful.
Elsewhere, investors will also be watching Apple’s Worldwide Developers Conference on Monday, where the iPhone maker is expected to make its latest software announcements.
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