Stock Market Today: Dow Jones Futures Tumble, S&P 500 Gains As Investors Await FOMC Decision—Amkor, La-Z-Boy In Focus

U.S. stock futures were mixed on Wednesday, as the Dow Jones fell, while the Nasdaq 100 and S&P 500 advanced, following Tuesday’s mixed close.

Investors are waiting for the Federal Open Market Committee decision on interest rates, slated to be announced during the afternoon, with Kevin Warsh as the new Fed Chairman. The CME Group's FedWatch tool‘s projections show markets pricing a 99.6% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.

Meanwhile, even as the peace deal was agreed upon between the U.S. and Iran, recent findings by U.S. intelligence agencies reportedly suggested that Iran can now shut down the Strait of Hormuz at will, irrespective of the impending framework agreement scheduled for signing in Geneva on Friday.

Additionally, the 10-year Treasury bond yielded 4.44%, and the two-year bond was at 4.05%.

Index	Performance (+/-)
Dow Jones	-0.06%
S&P 500	0.10%
Nasdaq 100	0.57%
Russell 2000	0.03%

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Wednesday. The SPY was up 0.19% at $751.72, while the QQQ advanced by 0.71% to $735.02.

Stocks In Focus

SpaceX

• Space Exploration Technologies Corp. (NASDAQ:SPCX) rose 3.22% in premarket on Wednesday ahead of its fourth trading day, following its acquisition of Cursor AI.

Sophia Genetics SA

• Sophia Genetics SA (NASDAQ:SOPH) fell 3.45% in premarket after it announced a proposed public offering.

• Benzinga’s Edge Stock Rankings indicate that SOPH maintains a weak price trend in the short and medium terms but a strong trend in the long term.

La-Z-Boy

• La-Z-Boy Inc. (NYSE:LZB) surged 19.62% after reporting better-than-expected fourth-quarter financial results and announcing a $300 million share buyback.

• Benzinga’s Edge Stock Rankings indicate that LZB maintains a strong price trend in the short, long, and medium terms, with a poor quality score.

Our Bond

• Our Bond Inc. (NASDAQ:OBAI) dropped 8.09% despite announcing a series of debt restructuring agreements aimed at strengthening its balance sheet and improving financial flexibility.

• Benzinga’s Edge Stock Rankings indicate that OBAI maintains a weak price trend in the long and medium terms but a strong trend in the short term.

Amkor Technology

• Amkor Technology Inc. (NASDAQ:AMKR) jumped 5.49% after it signed a 10-year deal with Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) to expand advanced semiconductor packaging capabilities in Arizona.

• Benzinga’s Edge Stock Rankings indicate that AMKR maintains a strong price trend in the short, medium, and long terms, with a good growth score.

Stellantis

• Stellantis NV (NYSE:STLA) was up 2.11%, and Uber Technologies Inc. (NYSE:UBER) declined 0.14%, after both companies, along with Wayve, announced a global partnership to explore the development and deployment of Level 4 driverless robotaxis.

• Benzinga’s Edge Stock Rankings indicate that STLA maintains a weak price trend in the short, long, and medium terms.

Cues From Last Session

Tuesday’s market action saw financial, utilities, and industrials stocks record the biggest gains, while energy and information technology shares closed lower.

Index	Performance (+/-)	Value
Dow Jones	0.64%	51,999.67
S&P 500	-0.57%	7,511.35
Nasdaq Composite	-1.15%	26,376.34
Russell 2000	0.87%	2,939.19

Insights From Analysts

Professor Jeremy Siegel holds a constructive view on the U.S. economy and stock market, driven by falling oil prices, strong technology trends, and expanding market participation.

He notes that the rapid unwinding of the oil shock directly reduces recession risks and supports consumers, creating an inflation backdrop “consistent with further disinflation over the second half of the year.”

Even with some infrastructure damage keeping oil above pre-conflict levels, prices remain well below points associated with economic stress.

Furthermore, Siegel views the massive excitement surrounding the SpaceX IPO as a major positive, signaling robust investor appetite for innovation. He notes that this momentum will likely “reinforce confidence in the technology sector’s long-term growth prospects,” maintaining that the AI investment cycle remains a powerful secular force for equities.

While the market awaits new Fed Chair Warsh’s strategic direction, Siegel is highly encouraged by the broadening of market leadership beyond mega-cap tech stocks.

Ultimately, despite lingering geopolitical risks, Siegel remains firmly bullish, concluding that “growth is proving more resilient than many expected, and the bull market remains intact.”

Upcoming Economic Data

Here's what investors will be keeping an eye on Wednesday.

• May’s U.S. retail sales and retail sales minus autos data will be released by 8:30 a.m. ET.
• May’s pending home sales and April’s business inventories data will be out by 10:00 a.m., the FOMC interest-rate decision will be released by 2:00 p.m., and Fed Chairman Warsh will hold a press conference at 2:30 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session by 0.01% to hover around $76.06 per barrel.

Gold Spot US Dollar fell 0.19% to hover around $4,322.80 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.04% higher at the 99.5760 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 3.03% lower at $64,856.60 per coin, as per the last 24 hours.

Asian markets closed higher on Tuesday, except Hong Kong's Hang Seng index. China’s CSI 300, Australia's ASX 200, India’s Nifty 50, Japan's Nikkei 225, and South Korea's Kospi rose. European markets were mixed in early trade.

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