Stock futures tick higher ahead of Fed’s rate decision, consumer inflation data: Live updates

Stock futures climbed slightly Wednesday as investors awaited the Federal Reserve’s interest rate decision and May’s consumer inflation data.

Futures tied to the Dow Jones Industrial Average rose 43 points, or 0.1%. S&P 500 and Nasdaq 100 futures also ticked up by 0.1%.

Oracle jumped 9% as traders fixated on the software maker’s newly announced cloud deals with Google and OpenAI, overlooking misses in the company’s latest quarter.

During Tuesday’s trading, investors’ rotation into Apple helped lift the S&P 500 and the Nasdaq Composite to fresh closing highs. The iPhone maker announced its push into artificial intelligence at its developer conference this week, fueling a rally in the stock. The Dow was the outlier of the three major averages, losing 0.31%.

Investors are looking to Wednesday’s conclusion of the Fed’s two-day policy meeting, which will feature an rate policy decision and a subsequent press conference with Fed Chair Jerome Powell.

While the market’s pricing indicate that the Fed will maintain its benchmark overnight borrowing rate in a range between 5.25%-5.5%, the market will be watching for central bankers’ updates to their Summary of Economic Projections, which could clarify the path for policy. Investors have grown increasingly concerned that the recent strong jobs report and sticky inflation support a higher-for-longer interest rate environment.

“The market will be focused on any mention—within the Fed statement, the dot plot, or Chair Powell’s comments—of concerns regarding the labor market, given Powell’s remarks that indications of deterioration could prompt the easing of rates,” said Quincy Krosby, chief global strategist for LPL Financial.

May’s consumer price index print, a broad measure of goods and services costs, will also be released on Wednesday morning. The report is forecasted to show just a 0.1% increase from April and a 3.4% rise on a year-over-year basis.