U.S. stock futures rise ahead of central bank meeting

S&P 500 Futures gained 0.05% to 7,591.50 points, Nasdaq 100 Futures added 0.05% to 30,335.50 points, while Dow Jones Futures advanced 0.08% to 52,513.0 points

U.S. stock index futures rose slightly on Tuesday evening, with focus squarely on the conclusion of a central bank meeting where the bank is expected to leave interest rates unchanged.

Focus also remained on the upcoming signing of a memorandum of understanding between Iran and U.S., which is expected to end their war and reopen the Strait of Hormuz.

S&P 500 Futures gained 0.05% to 7,591.50 points by 23:12 GMT. Nasdaq 100 Futures added 0.05% to 30,335.50 points, while Dow Jones Futures advanced 0.08% to 52,513.0 points.

Futures gained after a mixed session on U.S. stock market, where the S&P and Nasdaq closed lower, while the Dow closed at a record high as investors pivoted out of technology stocks and into more economically sensitive sectors.

The U.S. central bank is widely expected to leave rates unchanged at 3.75% at the conclusion of a two-day meeting on Wednesday.

The meeting will be the bank’s first with new Chair Kevin Warsh, and will be closely watched for Warsh’s outlook on the economy and interest rates.

Markets expect no major changes to the central bank’s near-term plans to leave interest rates steady, especially as the bank grapples with inflationary pressures stemming from high energy prices.

Resilience in the labour market also gives the bank more headroom to leave rates unchanged.

But the central bank may be inclined to update its outlook in the face of cooling Iran-U.S. tensions. Oil prices dropped sharply after the two countries announced a peace deal, heralding softer energy-driven inflation in the coming months.