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Stock market today: US futures pop after CPI, with Fed looming

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US Stock Futures Nouvelles

Consumer Prices,Federal Reserve

After a cooler-than-expected inflation reading on consumer price increases in May, investors are turning focus to the Federal Reserve decision at 2 p.m. ET.

US stock futures rose on Wednesday after a fresh reading on inflation showed consumer prices increased less than expected in May. The latest snapshot of inflation comes hours before a highly anticipated Federal Reserve meeting in the afternoon will provide the latest signal on the path of interest rates. S&P 500 futures built on a 27th record close of the year, rising 0.7%. Futures on the tech-heavy Nasdaq 100 rose nearly 0.9%, also pointing to gains after a record close for the index.

2% over the prior month and 3.4% over last year — cooler than April's data. Both measures also came in better than economist estimates. Read more: How does the labor market affect inflation? Meanwhile, the Fed's decision is all but certain — the central bank is expected to keep rates at their current 23-year-high levels.

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