Stock futures are little changed ahead of Fed's rate decision, consumer inflation data: Live updates

The Federal Reserve's rate policy meeting, concluding on Wednesday, is expected to maintain the benchmark overnight borrowing rate in a range between 5.25%-5.5%. Investors will also be watching for updates to the central bank's Summary of Economic Projections, which could provide clarity on the path for policy. Concerns regarding the labor market and the recent strong jobs report, as well as sticky inflation, will be key points of focus during the meeting.

Apple's announcement at its developer conference, where it unveiled its push into artificial intelligence, fueled a rally in the company's stock. The news led to a positive market reaction, with investors rotating into Apple, which helped lift the S&P 500 and the Nasdaq Composite to fresh closing highs4.

Apple's stock movement also had an impact on major indexes such as the S&P 500 and the Nasdaq 100, given its substantial market capitalization4. As Apple makes up 6.24% of the S&P 500 and has a weighting of around 8.11% in the Nasdaq 100, a significant movement in its stock price could have a pronounced effect on these indexes4.

Furthermore, Apple's announcements related to artificial intelligence and its potential partnerships with companies like OpenAI and Google could accelerate the iPhone upgrade cycle, driving more sales and revenue growth for the tech giant5. This could also contribute to the overall positive market sentiment around Apple and the broader tech sector.