Stock Futures Near Flat Ahead Of Fed Policy Decision

According to CNBC, U.S. stock futures were little changed Monday evening as traders awaited the Federal Reserve's policy decision later this week. S&P 500 futures rose 0.07%, Dow Jones Industrial Average futures gained 28 points, or 0.05%, and Nasdaq 100 futures advanced 0.08%. In the regular session, the Dow fell 152 points, or 0.3%, the S&P 500 lost 0.5%, and the Nasdaq Composite slipped about 0.6%. AI-related stocks weighed on the market after Anthropic CEO Dario Amodei called for a slower pace of AI development, while OpenAI CEO Sam Altman ruled out an initial public offering this year. Nvidia dropped 3%, Corning tumbled 13%, and the iShares AI Innovation and Tech Active ETF (BAI) fell nearly 4%. The 10-year Treasury yield briefly topped 5% for its highest level since October 2023, while Brent futures closed above $105 a barrel and West Texas Intermediate crude settled over $101 after Saudi Arabia shuttered a key pipeline that bypasses the Strait of Hormuz. Fed funds futures imply about a 92% chance the central bank will raise rates by a quarter point from the current target range of 3.5% to 3.75%.