Traders
and
floor
officials
react
to
technical
issues
on
the
floor
at
the
New
York
Stock
Exchange
on
June
3,
2024.
Brendan
McDermid
|
Reuters
U.S.
stock
futures
were
little
changed
Sunday
night
after
a
winning
week,
as
traders
looked
ahead
to
the
Federal
Reserve’s
interest
rate
decision
and
May
inflation
data.
Dow
Jones
Industrial
Average
futures
fell
by
13
points.
S&P
500
futures
and
Nasdaq
100
futures
were
flat.
Wall
Street
is
coming
off
a
positive
week
for
the
major
averages,
with
the
S&P
500
having
touched
a
record
intraday
high
on
Friday.
The
broad
market
index
advanced
1.32%.
Meanwhile,
the
30-stock
Dow
registered
a
0.29%
gain,
while
the
Nasdaq
Composite
climbed
2.38%.
Notably,
Nvidia
notched
a
10%
advance
last
week
as
enthusiasm
for
the
artificial
intelligence
darling
pushed
the
chipmaker
past
the
$3
trillion
market
capitalization
for
the
first
time.
However,
the
Fed’s
latest
rate
decision
and
May’s
consumer
price
index
that
are
expected
Wednesday
could
prove
key
tests
for
markets,
especially
after
Friday’s
strong
jobs
report
continued
to
suggest
the
central
bank
could
hold
off
on
lowering
rates.
Investors
will
parse
through
the
Fed’s
updated
projections
on
the
timing
and
frequency
of
rate
cuts.
Markets
are
now
pricing
in
just
one
rate
cut
this
year,
coming
in
November,
according
to
the
CME
FedWatch
tool.
“Implications
for
FOMC
policy
are
mixed
in
our
view,”
wrote
Macquarie’s
David
Doyle,
who
anticipates
in
his
base
case
that
rate
cuts
will
commence
in
2025.
“On
the
dovish
side
of
the
ledger
is
that
the
rise
in
unemployment
has
become
more
meaningful.
…
On
the
hawkish
side
is
that
the
firm
NFP
and
associated
details
suggest
labor
demand
growth
remains
solid.”
Elsewhere,
on
Monday,
investors
will
also
keep
an
eye
on
Apple’s
Worldwide
Developers
Conference
at
which
the
iPhone
maker
is
anticipated
to
makes
its
latest
software
announcements.
