U.S. Stock Futures Steady as Investors Await Inflation Data and Fed Decision

U.S. stock futures were steady Tuesday evening after Wall Street closed at record highs, with investors awaiting key inflation reports that could shape next week’s Federal Reserve decision on interest rates.

S&P 500 futures edged up 0.1% to 6,529.25, while Nasdaq 100 futures held flat at 23,882.25. Dow Jones futures slipped 0.2% to 45,649.0. Earlier, all three major indexes — the Dow, S&P 500, and Nasdaq — ended at record closing highs, fueled by optimism over a potential Fed rate cut. The S&P 500 rose 0.3%, the Dow gained 0.4%, and the Nasdaq added 0.4%.

Government data showed U.S. employment growth through March was revised lower by 911,000 jobs, signaling a cooling labor market. The downward revision reinforced expectations that the economy is losing momentum, heightening pressure on the Fed to ease monetary policy.

Traders are now betting heavily on at least a 25-basis-point rate cut next week, according to CME’s FedWatch tool, with growing odds for a larger 50-point move. Attention is focused on Wednesday’s producer price index (PPI) and Thursday’s consumer price index (CPI), which could provide key signals on inflation and strengthen the case for rate cuts.

In corporate news, Apple shares fell 1.5% after unveiling its iPhone 17 lineup, including the ultrathin “iPhone Air.” Prices were set at $799 for the base iPhone 17, $999 for the iPhone Air, and $1,099 for the iPhone 17 Pro, a $100 increase from the previous Pro model.

Meanwhile, Oracle stock surged over 28% in after-hours trading on strong AI-driven growth, with MultiCloud database revenue soaring 1,529% year-over-year. GameStop also impressed investors, with Q2 revenue jumping 22% to $972.2 million, sending its shares up nearly 6% in extended trading.