Investors press pause with stocks largely steady as Federal Reserve decision looms

European stocks inched up on Wednesday, while U.S. equity futures traded flat as investors waited for the outcome of a Federal Reserve policy meeting due later. Miners were lower as China took aim at soaring commodity prices.

U.S. equity futures ES00, -0.07% YM00, -0.17% NQ00, +0.06% held steady a day after the S&P 500 SPX, -0.20% and Nasdaq Composite COMP, -0.71% backed away from records to close lower on Tuesday, with the Dow Jones Industrial Average DJIA, -0.27% also dropping. Stocks slipped following data that showed a bigger-than-expected drop in May retail sales, while producer prices rose faster than expected.

Elsewhere, U.K. consumer prices rose 2.1% on the year in May, the fastest pace of growth since July 2019, the Office for National Statistics said on Wednesday. The rise exceeded the Bank of England’s target for the first time in almost two years. But like the Fed and other central banks, U.K. officials have said they expect price rises to be transitory.

Economic data from China showed a moderating of growth in May, with industrial production, while retail sales and fixed-asset investment all rising, but slowing from the pace seen in year-earlier periods.

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