U.S. stock futures ended the week with minimal changes after a mostly positive week, as investors eagerly anticipated crucial consumer sentiment data following the Federal Reserve’s policy-setting meeting.
The Dow Futures contract experienced a slight decline of 10 points or 0.1%, while S&P 500 Futures remained unchanged. On the other hand, Nasdaq 100 Futures saw a modest increase of 10 points or 0.1%. The major Wall Street indices recorded gains exceeding 1%, poised to achieve significant weekly gains leading into the long weekend, following the Federal Reserve’s decision to pause its year-long cycle of interest rate hikes.
The broad-based S&P 500 has shown a nearly 3% increase for the week, on track to deliver its strongest weekly performance since March. The tech-heavy Nasdaq Composite has seen a nearly 4% surge, marking its longest weekly streak since March 2019. Meanwhile, the blue-chip Dow Jones Industrial Average has gained 1.6%.
While the U.S. central bank decided to pause its interest rate increases after implementing ten consecutive hikes since the previous year, it also hinted at the possibility of two additional hikes later this year, depending on the circumstances.
The primary data release on Friday will be the University of Michigan’s consumer sentiment reading, with analysts predicting a June reading of 60, up from the previous reading of 59.2. Investors will also closely analyze statements from Fed officials James Bullard, Christopher Waller, and Thomas Barkin for insights into future actions by the central bank.