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

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.