U.S. stock futures are sending mixed signals on Wednesday. The Dow Jones is pointing lower, while the Nasdaq 100 and S&P 500 are in the green, following Tuesday's choppy close. Investors are sitting tight ahead of the Federal Open Market Committee's interest rate decision this afternoon — the first under new Fed Chairman Kevin Warsh. The CME Group's FedWatch tool shows markets pricing a 99.6% probability that rates will stay put in June.

Meanwhile, there's a geopolitical wrinkle: even as the U.S. and Iran agreed to a peace deal, U.S. intelligence agencies reportedly found that Iran can now shut down the Strait of Hormuz at will, regardless of the framework agreement set to be signed in Geneva on Friday. That's a reminder that even good news can come with fine print.

On the bond side, the 10-year Treasury yield is at 4.44%, and the two-year is at 4.05%.

Here's how the major index futures are shaping up:

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ) are both higher in premarket. SPY is up 0.19% at $751.72, and QQQ is up 0.71% at $735.02.

Stocks In Focus

SpaceX

Space Exploration Technologies Corp. (SPCX) rose 3.22% in premarket ahead of its fourth trading day, following its acquisition of Cursor AI. The space company continues to draw attention as it settles into public markets.

Sophia Genetics SA

Sophia Genetics SA (SOPH) fell 3.45% in premarket after announcing a proposed public offering. Market data indicates that SOPH maintains a weak price trend in the short and medium terms but a strong trend in the long term.

La-Z-Boy

La-Z-Boy Inc. (LZB) surged 19.62% after reporting better-than-expected fourth-quarter financial results and announcing a $300 million share buyback. Market data indicates that LZB maintains a strong price trend in the short, long, and medium terms, with a poor quality score.

Our Bond

Our Bond Inc. (OBAI) dropped 8.09% despite announcing a series of debt restructuring agreements aimed at strengthening its balance sheet and improving financial flexibility. Market data indicates that OBAI maintains a weak price trend in the long and medium terms but a strong trend in the short term.

Amkor Technology

Amkor Technology Inc. (AMKR) jumped 5.49% after signing a 10-year deal with Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) to expand advanced semiconductor packaging capabilities in Arizona. Market data indicates that AMKR maintains a strong price trend in the short, medium, and long terms, with a good growth score.

Stellantis & Uber

Stellantis NV (STLA) was up 2.11%, and Uber Technologies Inc. (UBER) declined 0.14%, after both companies, along with Wayve, announced a global partnership to explore the development and deployment of Level 4 driverless robotaxis. Market data indicates that STLA maintains a weak price trend in the short, long, and medium terms.

Cues From Last Session

Tuesday's market action saw financial, utilities, and industrials stocks record the biggest gains, while energy and information technology shares closed lower.

Insights From Analysts

Professor Jeremy Siegel holds a constructive view on the U.S. economy and stock market, driven by falling oil prices, strong technology trends, and expanding market participation.

He notes that the rapid unwinding of the oil shock directly reduces recession risks and supports consumers, creating an inflation backdrop "consistent with further disinflation over the second half of the year."

Even with some infrastructure damage keeping oil above pre-conflict levels, prices remain well below points associated with economic stress.

Furthermore, Siegel views the massive excitement surrounding the SpaceX IPO as a major positive, signaling robust investor appetite for innovation. He notes that this momentum will likely "reinforce confidence in the technology sector's long-term growth prospects," maintaining that the AI investment cycle remains a powerful secular force for equities.

While the market awaits new Fed Chair Warsh's strategic direction, Siegel is highly encouraged by the broadening of market leadership beyond mega-cap tech stocks.

Ultimately, despite lingering geopolitical risks, Siegel remains firmly bullish, concluding that "growth is proving more resilient than many expected, and the bull market remains intact."

Upcoming Economic Data

Here's what investors will be keeping an eye on Wednesday.

• May's U.S. retail sales and retail sales minus autos data will be released by 8:30 a.m. ET.
• May's pending home sales and April's business inventories data will be out by 10:00 a.m., the FOMC interest-rate decision will be released by 2:00 p.m., and Fed Chairman Warsh will hold a press conference at 2:30 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session by 0.01% to hover around $76.06 per barrel.

Gold Spot US Dollar fell 0.19% to hover around $4,322.80 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.04% higher at the 99.5760 level.

Meanwhile, Bitcoin (BTC) was trading 3.03% lower at $64,856.60 per coin, as per the last 24 hours.

Asian markets closed higher on Tuesday, except Hong Kong's Hang Seng index. China's CSI 300, Australia's ASX 200, India's Nifty 50, Japan's Nikkei 225, and South Korea's Kospi rose. European markets were mixed in early trade.