Stock Market Today: Dow Futures Tumble, S&P 500, Nasdaq Gains As Investors Await FOMC Decision

Benzinga

U.S. stock futures were mixed on Wednesday, as the Dow Jones fell, while the Nasdaq 100 and S&P 500 advanced, following Tuesday’s mixed close.  U.S. retail and food services sales outpaced expectations in May, climbing 0.9% to a seasonally adjusted $763.7 billion, according to Census Bureau data released Wednesday. The solid gain—up from a revised 0.4% increase in April—signals highly resilient consumer demand heading into the summer months, providing a fresh injection of optimism for economic growth.  Investors are waiting for the Federal Open Market Committee decision on interest rates, slated to be announced during the afternoon, with Kevin Warsh as the new Fed Chairman. The CME Group's FedWatch tool‘s projections show markets pricing a 99.6% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.  Meanwhile, even as the peace deal was agreed upon between the U.S. and Iran, recent findings by U.S. intelligence agencies reportedly suggested that Iran can now shut down the Strait of Hormuz at will, irrespective of the impending framework agreement scheduled for signing in Geneva on Friday.  Additionally, the 10-year Treasury bond yielded 4.44%, and the two-year bond was at 4.05%.  The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Wednesday. The SPY was up 0.097% at $751.06, while the QQQ advanced by 0.62% to $734.35.

Transcript

00:08all right we've got green arrows across the board again here today for this tuesday

00:13s p futures actually they're barely holding on to green they're up by 0.06 percent the

00:18dow futures up by 0.08 percent the nasdaq up by a quarter of a percent plus 0.25 percent

00:26now uh let's take a look at some cues from last session here and see where we're at today i

00:33do

00:33have several stocks in focus here for you today uh information technology communication services

00:38and consumer discretionary stocks recorded the biggest gains on monday which pushed

00:43u.s stocks higher energy and real estate stocks however bucked the overall market trend and close

00:49lower u.s stock futures were mixed on tuesday as the s p 500 fell while the nasdaq and dow

00:55advanced

00:55following monday's rally again that has since turned to green arrows here on the spy

01:00as well they're still up 0.07 percent on monday president trump announced a preliminary u.s

01:07iran agreement aimed at ending months of conflict though its final terms and long-term viability

01:13remain unsolved the deal extends april's fragile ceasefire and is expected to reopen the strait of

01:19hormuz a critical global oil shipping route however both nations stress that a permanent

01:26peace accord has not yet been negotiated iranian president masoud peshakian called the memorandum

01:33in quote important step end quote but noted that a lasting truce quote has yet to take shape

01:39end quote meanwhile the 10-year treasury bond yielded 4.45 percent and the two-year bond was at 4

01:45.04

01:46percent the cme group's fed watch tool projection showed that the markets are pricing at a 98.6

01:51likelihood that the federal reserve leaves the current interest rates unchanged during the june

01:57meeting and indeed we're going to get that tomorrow we all suspect it's going to be unchanged now we've

02:03got several stocks in focus here for you today and lo and behold the first one here is in fact

02:08going

02:08to be spacex the ticker is spcx it jumped 8.42 percent in the pre-market on tuesday ahead of

02:15its third

02:16trading day its market cap was nearing three trillion which surpassed the valuation of amazon ticker amzn

02:23again options begin trading today for spacex the second stock on our list is going to be dave and buster's

02:30entertainment the ticker is play and it dropped 11.44 as it reported downbeat earnings for the

02:38first quarter after the closing bell yesterday the next stock on our list is going to be adaptive

02:44biotechnologies the ticker is adpt and that tumbled 7.33 percent after announcing a 250 million dollar

02:53convertible senior notes offering the company also announced plans to separate its mrd and immune

02:59medicine businesses and it evaluates strategic and structural alternatives the next stock on our

03:06list is going to be the paranova's entertainment technology the ticker is pavs it surged 30.07

03:15after it announced a 10 million dollar registered direct offering of 50 million shares for strategic

03:20acquisitions and working capital abs is back the next stock on our list is going to be western digital

03:27the ticker is wdc it gained 4.97 as morgan stanley increased its price target on the stock to 650

03:35per share the the firm cited strong demand for near-line enterprise storage accelerating pricing

03:42expanding margins and improving operating leverage as key drivers of future growth the last stock on

03:49our list is going to be lazy boy good old lazy boy ticker lzb and it was 0.053 percent

03:54lower as

03:55analysts expect it to report earnings of 82 cents per share on revenue of 569.23 million after the closing

04:03bell today

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