S&P 500 futures inch higher after index’s first-ever close above 5,400: Live updates

Traders work on the floor of the New York Stock Exchange during afternoon trading on June 3, 2024.

Michael M. Santiago | Getty Images

S&P 500 futures rose slightly Wednesday night after the broad market index closed above 5,400 for the first time, following the Federal Reserve’s latest interest rate decision and a May consumer inflation print that came in cooler than expected.

S&P 500 futures and Nasdaq 100 futures climbed 0.13% and 0.48%, respectively. Dow Jones Industrial Average futures fell by 25 points, or 0.06%.

In extended trading, Broadcom shares surged 12% after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. On the other hand, Dave & Buster’s Entertainment shares dropped 10% after the company’s first-quarter revenue missed estimates.

Wall Street is coming off a strong session for the S&P 500 and Nasdaq Composite, with each benchmark hitting all-time highs and closing at records. The broader market index notched a 0.85% advance, while the tech-heavy Nasdaq rallied 1.53%. The 30-stock Dow was the outlier, closing down slightly by 0.09%.

Investors were optimistic after the central bank acknowledged that “modest further progress” had been made toward its 2% inflation target, even as it kept rates unchanged.

At the conclusion of its policy meeting Wednesday, the Fed indicated just one rate cut is coming in 2024, down from the three it previously forecast in March.

May’s cooler consumer price index print added to hopes that inflation was indeed easing. Treasury yields plunged following the report, with the 10-year note dropping to its lowest level since April 1.

“The Fed unsurprisingly left policy unchanged but continues to just about keep the door open to rate cuts this year,” wrote James McCann, deputy chief economist at abrdn. “Today’s downside surprise in CPI inflation was more encouraging, and with most members split between one or two cuts we wouldn’t be surprised to see market pricing continue to flirt with multiple rate cuts this year.”

Investors will get another look at inflation on Thursday. The May producer price index is expected to have risen by 0.1% last month, according to economists polled by Dow Jones. That’s down from a 0.5% increase the prior month.

May’s producer price index set for release Thursday

Another inflation reading is due out on Thursday.

The May producer price index is expected to have risen by 0.1% last month, according to economists polled by Dow Jones. That’s down from a 0.5% increase the prior month.

— Sarah Min

Stocks making the biggest moves after hours

Here are the names making the biggest moves in extended trading:

Broadcom — Shares jumped 13% after Broadcom topped fiscal second-quarter expectations and announced a 10-for-1 stock split. The chipmaker posted adjusted earnings of $10.96 per share on revenue of $12.49 billion. Analysts polled by LSEG had anticipated earnings per share of $10.84 on revenue of $12.03 billion.
Dave & Buster’s Entertainment — Shares dropped 9.5% after Dave & Buster’s quarterly revenue fell short of expectations. The restaurant and entertainment business posted revenue of $588 million in its first quarter, below the LSEG consensus estimate of $621 million.
Oxford Industries — The stock dipped 2.9% after the apparel company behind Tommy Bahama and other brands posted first-quarter earnings and revenue that missed estimates. Oxford Industries reported adjusted earnings of $2.66 per share on revenue of $398.2 million. Analysts polled by FactSet had anticipated earnings of $2.68 per share on revenue of $404.8 million.
Virgin Galactic — Shares of the space tourism company plunged 16% after Virgin Galactic said its board of directors approved a 1-for-20 reverse stock split.