Traders and officials react to technical problems 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 awaited the Federal Reserve's interest rate decision and inflation data for May.
Dow Jones Industrial Average futures fell 13 points. S&P 500 and Nasdaq 100 futures were steady.
Wall Street is coming off a positive week for the major averages, and the S&P 500 hit a record intraday high on Friday. The broad market index advanced 1.32%. Meanwhile, the Dow Jones, made up of 30 stocks, posted a gain of 0.29%, while the Nasdaq Composite rose 2.38%.
Notably, NVIDIA posted 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 Federal Reserve's latest interest rate decision and the May consumer price index expected on Wednesday could prove key tests for marketsespecially after Friday's strong jobs report He went on to suggest that the central bank could delay cutting rates.
Investors will analyze the Federal Reserve's updated projections on the timing and frequency of rate cuts. Markets are now pricing in only one rate cut this year, which will come in November, according to the CME FedWatch tool.
"In our view, the implications for FOMC policy are mixed," wrote Macquarie's David Doyle, who anticipates in his base case that rate cuts will begin in 2025. "On the dovish side of the scale is that rising Unemployment has become more significant...The hawkish side is that the firm NFP and associated details suggest that labor demand growth remains strong."
Separately, on Monday, investors will also be watching Apple's Worldwide Developers Conference at which the iPhone maker is expected to make its latest software announcements.
