The S&P 500 Index ($SPX) (SPY) today is up +0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.23%. June E-mini S&P futures (ESM25) are up +0.04%, and June E-mini Nasdaq futures (NQM25) are down -0.18%.
Stock indexes today are mixed ahead of the results of the 2-day FOMC meeting later this afternoon. The FOMC will conclude its 2-day policy meeting today and is expected to keep its federal funds target range unchanged at 4.25%-4.50%. Recent economic news has been better than expected, and tariff-linked inflation risks have increased, reducing expectations for a rate cut this week. Swap markets are now pricing in three 25 bp Fed rate cuts by year-end, down from the four they had priced in a week ago.
