The Federal Reserve will wrap-up its two-day monetary policy setting meeting on Wednesday.
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Economists are predicting that policymakers will raise the federal funds rate by 25 basis points and perhaps give clues on future rate hikes for the remainder of 2018.
Fed Chair Jerome Powell will elaborate on the decision and take the media’s questions in an afternoon news conference.
The final piece of the economic puzzle prior to the rate decision will be another inflation-related report measuring producer prices.
Economic data released on Tuesday included consumer prices. The consumer price index (CPI) increased by 0.2% in May, in line with Wall Street’s expectations.
The annual CPI rate rose to 2.8%, its highest since 2012.
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Dow Jones futures were little changed. The S&P 500 added 0.07% and the Nasdaq Composite was up 0.12%.
U.S. stocks ended Tuesday’s session little changed following the conclusion of the historic summit between President Trump and North Korean leader Kim Jong Un. The two leaders signed what was being considered an agreement that acknowledged progress in their talks.
The joint text signed by Trump and Kim, committed to “complete denuclearization” of the Korean Peninsula.
While the Dow Jones Industrial Average and the S&P 500 were little changed, the Nasdaq had some momentum closing 0.7% higher. The tech-heavy index touched an all-time high in the session, closing at another record. The Russell 2000, a snapshot of smaller U.S. based companies, also closed at a record.
The Department of Justice ruled in favor of AT&T’s $85 billion acquisition of Time Warner.
Sentiment has been that if the deal is approved, it will spark a bidding war for certain 21st Century Fox assets, including a rival bid from Comcast for the assets that Disney is buying from Rupert Murdoch’s empire for $52 billion.
Comcast shares slipped slightly, while Fox shares climbed. 21st Century Fox is the parent of FOX Business and Fox News.
In Wednesday’s trading, China’s Shanghai Composite closed down 1%.
Hong Kong’s Hang Seng closed down 1.2%.
Japan’s Nikkei finished the day up 0.4%.
In Europe, London’s FTSE was lower by 0.31%, Germany’s DAX was down 0.37% and France’s CAC was off by 0.04%.
FOX Business’ Leia Klingel contributed to this article.