Stock Futures Steady as Investors Await Fed Outlook

Wall Street is eyeing a cautiously higher open, with futures on the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 (NDX) all just above breakeven. Wall Street awaits the Federal Reserve’s latest policy decision, with the central bank widely expected to keep rates unchanged, investors are keen to analyze the Fed’s updated projections on gross domestic product (GDP), inflation, and unemployment for signals on future rate moves.

With Fed Chair Jerome Powell and other policymakers advocating patience, traders will look for any shift in the Fed’s outlook. Given recent economic data, officials may raise their 2025 inflation forecast while lowering GDP expectations. Powell’s post-meeting press conference will be key in shaping market sentiment on the timing of potential rate cuts.

Continue reading for more on today's market, including:

• Senior Quantitative Analyst Rocky White analyzes a key contrarian signal flashing.
• This retail stock could be shielded from tariff fallout.
• Plus, Autodesk prepares for battle; Gilead Sciences facing cuts; and General Mills' earnings report.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 931,170 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.57, while the 21-day moving average stayed at 0.60.
2. Autodesk Inc (NASDAQ:ADSK) stock is 1.4% higher in electronic trading, after reports that activist investor Starboard Value is preparing a proxy fight at the design-software company. Starboard, which holds a stake worth over $500 million in Autodesk, plans to nominate a minority slate of directors ahead of the company’s annual meeting, per the Wall Street Journal. Year-to-date, ADSK is down 12.1%.
3. Gilead Sciences Inc (NASDAQ:GILD) stock is down 2.7% before the bell, following reports that the Health and Human Services Department is considering significant cuts to federal funding for domestic HIV prevention. The drugmaker produces HIV prevention treatments Biktarvy and Descovy. Over the last nine months, GILD has added 74.6%.
4. General Mills Inc (NYSE:GIS) stock is 3.5% lower in pre-market trading, after fiscal third-quarter sales dropped 5% year-over-year to $4.84 billion, missing analyst estimates. The company cited weaker snacking demand and unexpected retailer inventory challenges and also lowered its fiscal 2025 sales outlook. GIS sports a 10.8% year-over-year deficit.
5. Investors will be hoping for no Fed fireworks this week.

Japan's Interest Rates Remain Unchanged

Asian markets struggled for direction today. The Bank of Japan (BoJ) held its interest rate steady at 0.5%, a move largely anticipated. The BoJ also said it will continue to raise its policy rate if the economy moves with its forecast. The Nikkei shed 0.3% in response. China’s Shanghai Composite and Hong Kong’s Hang Seng closed flat, while the Kospi in South Korea gained 0.6%.

Over in Europe, the big story is the German reform of the debt brake rule, clearing the way for more money spent on defense, climate, and infrastructure. At last check though, the German DAX was 0.6% lower, snapping a three-day win streak. The French CAC 40 was last seen up 0.2%, while London’s FTSE 100 is 0.2%, lower ahead of the Bank of England’s (BoE) interest rate decision tomorrow.