The S&P 500 and the Nasdaq Composite rose to records on Tuesday, boosted by Apple.
Stock futures oscillated near the flatline Tuesday night as investors awaited the Federal Reserve's interest rate decision and May's consumer inflation data.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 intoat its developer conference this week, fueling a rally in the stock. The Dow was the outlier of the three major averages, losing 0.31%.
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 marketto 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.
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