U.S. Stock Futures Dip Ahead of Fed, Inflation Data
- U.S. stock futures edged lower on Tuesday as Wall Street braced for a key Federal Reserve policy decision and fresh inflation numbers this week.
- Apple (NASDAQ:AAPL) announced a new partnership with ChatGPT-maker OpenAI, seeking to bolster its position in the race to incorporate artificial intelligence.
- Scottish fund manager Baillie Gifford plans to back Tesla (NASDAQ:TSLA) CEO Elon Musk’s $56 billion pay package, Bloomberg News reported.
Futures Hover Below Flatline
- U.S. stock futures hovered slightly below the flatline on Tuesday, with investors exercising some caution ahead of the upcoming Fed meeting and inflation data.
- By 03:46 ET (07:46 GMT), Dow futures had dropped 31 points or 0.1%, S&P 500 futures had fallen 3 points or 0.1%, and Nasdaq 100 futures had shed 17 points or 0.1%.
- On Monday, the S&P 500 and Nasdaq Composite both closed at record highs, boosted in part by Nvidia (NASDAQ:NVDA)’s much-anticipated 10-for-one stock split.
- Investors are now focused on Wednesday’s Fed decision and the release of the May consumer price index data, a closely watched inflation gauge.
Apple Partners with OpenAI
- Apple announced a partnership with OpenAI, the company behind the ChatGPT chatbot.
- The agreement will see Apple integrate OpenAI’s technology into its own products, as the tech giant looks to enhance its artificial intelligence capabilities.
- The move comes amid growing enthusiasm around AI technology, and as Apple aims to address perceptions that it is lagging behind rivals in this area.
- At its annual developers conference, Apple unveiled its new “Apple Intelligence” system, which will leverage AI to improve Siri and deliver more personalized offerings.
- However, Apple’s stock slid 1.9% on Monday, as some on Wall Street were disappointed by the lack of a more “game-changing” AI product or software suite announcement.
Baillie Gifford to Back Musk’s $56 Billion Tesla Pay Package
- Long-time Tesla shareholder Baillie Gifford plans to vote in favor of CEO Elon Musk’s $56 billion compensation plan, according to a Bloomberg report.
- The Scottish fund manager, which has held Tesla stock for over a decade, supports the pay package because the associated targets were ambitious and aligned with stakeholder returns when first unveiled in 2018.
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