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U.S. stock futures retreated from a rally on Tuesday as investors marked the wait for the start of a key Federal Reserve meeting.
It was a winning day for the major indexes, with S&P 500 (^GSPC) futures down about 0.4% and Dow Jones Industrial Average (^DJI) futures down 0.2%. Futures on the tech-heavy Nasdaq 100 (^NDX) fell about 0.6% as Nvidia (NVDA) stock fell following an AI update at its annual developer conference.
The two-day Federal Reserve meeting, which begins late Tuesday morning, has been closely watched and is seen as a test for stocks hit by the latest inflation surprise that dampened hopes of an upcoming rate cut.
Policymakers are widely expected to keep interest rates at historic highs, with all eyes on the dot plot for clues about how many and when they will cut rates this year. The central bank’s policy decision is scheduled to be announced Wednesday at 2pm ET.
Meanwhile, the Bank of Japan raised interest rates for the first time in 17 years, ending the era of negative interest rates, creating a hot topic in a week filled with central bank decisions.
In cryptocurrencies, Bitcoin (BTC-USD) continues to fall from its recent highs, dropping more than 7% to just above $63,000, its biggest single-day loss in two weeks. It became a momentum to record. The stock prices of cryptocurrency companies Coinbase (COIN) and Marathon Digital (MARA) also fell along with their tokens.
On the corporate front, Unilever (UL) shares soared after the Ben & Jerry’s maker announced layoffs and a spinoff of its ice cream division.
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AI stock bubble or not?
As Nvidia’s (NVDA) GTC conference continues on the West Coast, it feels natural that BofA’s new fund manager study released today would influence the AI stock bubble discussion.
As a result, institutional investors have no idea whether this is a bubble or not.
Investors can’t tell whether AI stocks are a bubble or not.
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