US stock futures wavered as investors shifted their focus from the US-Iran deal announcement to the Federal Reserve’s policy meeting.
Futures attached to the Dow Jones Industrial Average (YM=F) hugged the flat line. Futures attached to the benchmark S&P 500 (ES=F) slipped 0.1%, while futures attached to the tech-heavy Nasdaq 100 (NQ=F) fell 0.3%.
Stocks rallied in day trading on Monday following President Trump’s Sunday announcement that the US and Iran had reached a breakthrough in negotiations and would sign an agreement at the end of the week. Although the text of the deal has yet to be released, US officials have said that it will reopen the Strait of Hormuz to commercial traffic without tolls.
Federal Reserve officials will begin their June meeting on Tuesday, ahead of Wednesday’s closely watched interest rate decision — the first under Chair Kevin Warsh. The committee faces a complicated backdrop, with recent inflation reports running hotter than expected as the war with Iran pushed energy prices higher.
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