US pre-open: Futures mixed ahead of Fed decision, SpaceX extends rally

(Sharecast News) - Wall Street futures were mixed ahead of the open on Wednesday as market participants awaited the Federal Reserve's latest policy decision, while SpaceX looked set to extend its strong post‑IPO rally. As of 1240 BST, Dow Jones futures were down 0.04%, while S&P 500 and Nasdaq-100 futures were up 0.06% and 0.50%, respectively.

The Dow closed 328.64 points higher on Tuesday, extending gains recorded in the previous session after Donald Trump said the US and Iran had reached a potential agreement to end their conflict, with Pakistan's prime minister Shehbaz Sharif adding that both sides had halted military operations ahead of a planned signing ceremony in Switzerland on Friday.

Wednesday's primary fofcus will be the Fed's policy decision at 1900 BST, followed by new chair Kevin Warsh's first press conference at 1930 BST. Investors widely expect to see the central bank keep rates unchanged at 3.5% to 3.75%, though most Fed watchers anticipate Warsh will refrain from submitting a "dot" in the quarterly rate‑projection update.

Elsewhere on the macro front, US mortgage applications fell for a fourth time in five weeks in the week ended 12 June, according to the Mortgage Bankers Association, with overall volumes down 3.8% despite benchmark mortgage rates holding steady. Applications to refinance a mortgage, which are more sensitive to week-to-week rate moves, dropped 4.5%, while applications to purchase a home were 3.4% lower week-on-week.

Still to come, May retail sales figures will be published at 1330 BST, while pending home sales and business inventories data will follow at 1500 BST.

In the corporate space, SpaceX climbed 3.5% in pre‑market action, leaving the stock up roughly 50% from last week's $135 IPO price and briefly pushing its valuation above Amazon's. Chipmakers also traded higher, with ASML up 4% and Intel rising 3%.

No major corporate earnings were slated for release on Wednesday.





Reporting by Iain Gilbert at Sharecast.com