U.S. Stock Futures Trim Losses Amid Oil Price Pullback Ahead of FOMC Meeting
U.S. stock futures trimmed losses as oil prices retreated from session highs, easing pressure on Treasuries and offering some relief to equity markets ahead of the Federal Reserve's two-day policy meeting. West Texas Intermediate crude initially climbed above $104 a barrel due to supply concerns in the Middle East but later pulled back toward $102. The 10-year Treasury note yield rose slightly, while chipmakers like Marvell Technology and Micron saw modest gains in pre-market trading. The broader market had closed lower on Tuesday as AI companies urged slower development of advanced models, leading to sharp declines among semiconductor stocks such as Arm Holdings and Lam Research. Bank stocks also fell after a cautious outlook from Bank of America's CEO. Meanwhile, cybersecurity firms like CrowdStrike saw significant gains amid rising concerns over AI safety. Investors are closely watching the Fed’s meeting for potential rate hike signals. Rate futures currently price in an 92.5% chance of a 25-basis-point increase to bring the federal funds target range to 3.75%-4.00%. The outcome and accompanying economic projections will be key indicators for market direction.
Tickers: $ARM $LRCX $MRVL $MU $SNDK
Topics: ai_stocks fed_meeting oil_prices stock_futures treasury_yields