US stock futures steady ahead of Fed meeting, concerns of inflation, lower rate cut expectations.

From Nasdaq:

U.S. stock index futures were steady on Friday ahead of a Federal Reserve meeting that could provide clues on interest-rate cuts. Wall Street may end the week slightly up despite concerns of elevated inflation, reducing expectations of a rate cut in June. All eyes are on the Fed’s meeting next week for future rate-cut signals.

Semiconductor stocks fell as investors await AI-related announcements at an upcoming global developer conference. Tesla climbed after two sessions of losses, while Madrigal Pharmaceuticals soared on FDA approval for a fatty liver disease drug. However, Adobe’s forecasted revenue below estimates led to a drop, as did Ulta Beauty’s lower profit forecast due to supply chain costs.

Cryptocurrency stocks like MicroStrategy, Marathon Digital, and Coinbase dipped as bitcoin fell. U.S. Steel slipped after President Biden emphasized the importance of the company remaining domestically owned. The market continues to fluctuate as investors monitor various sectors for potential developments and news updates on company mergers.



Read more at Nasdaq: US STOCKS-Futures nearly flat ahead of Fed meet next week