US stock futures inched up Tuesday night as investors stayed on the sidelines ahead of the Federal Reserve’s latest policy decision.
Futures linked to the Dow Jones Industrial Average (YM=F) climbed 0.1%. S&P 500 futures (ES=F) edged up 0.2%, while Nasdaq 100 futures (NQ=F) made 0.3% gains.
US equities finished Tuesday modestly higher but well off intraday peaks. Markets digested fresh rhetoric around the still-raging war in Iran, after President Trump said in a Truth Social post that “we no longer ‘need,’ or desire, the NATO Countries’ assistance — WE NEVER DID!” The remarks followed earlier signals from the president putting pressure on allies to help safeguard ships through the Strait of Hormuz.
Meanwhile, oil prices extended their recent surge. West Texas Intermediate (CL=F) crude climbed nearly 3% to settle at $96.21 per barrel, while Brent (BZ=F) crude advanced 3.2% to $103.42, marking its highest close since August 2022.
Attention now turns to the Federal Reserve, with its rate decision due Wednesday. Markets broadly expect policymakers to leave rates unchanged in a 3.5% to 3.75% range. Investors will be focused on commentary from Chair Jerome Powell, particularly around the potential inflationary impact of rising oil prices. They’ll also digest the central bank’s Summary of Economic Projections, which will shed light on policymakers’ expectations for inflation, the labor market, and the US economy as a whole.
On the corporate front, investors are watching Micron Technology (MU), which is set to report quarterly results after Wednesday’s close. General Mills (GIS) and Macy’s (M) also report on Wednesday.
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