Investing.com — U.S. stock futures rose Wednesday after the release of inflation data showing stable consumer prices in May, paving the way for possible Federal Reserve rate cuts later this year. The FOMC is likely to leave its key interest rate unchanged at the end of its policy-setting meeting this afternoon. In light of recent data, investors will be analyzing Chairman Jerome Powell’s comments for clues about the timing of expected rate cuts.
Here are some of today’s biggest US stock movers:
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Apple (NASDAQ:) Shares rose 5%, adding to the previous session’s gain of more than 7% after the tech giant unveiled long-awaited AI features in its devices. Apple also regained its spot as the world’s most valuable company, overtaking it Microsoft (NASDAQ:).
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Oracle (NYSE:) shares rose 11% after the computer technology group announced two new partnerships with ChatGPT maker OpenAI and Google (NASDAQ:) Cloud in a bid to expand the reach of its AI infrastructure, while also unveiling a healthy forecast for revenue growth in fiscal year 2025.
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GameStop (NYSE:) Shares rose 6% after the video game retailer said it completed a stock offering to raise about $2.14 billion in gross proceeds.
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Nio (NYSE:) ADRs were volatile after the European Union announced it would impose higher tariffs on imports of Chinese electric vehicles, up to 38%. Shares were flat after falling more than 4% pre-open.
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Rubric (RBRK) shares fell 6% despite the cloud data management company beating consensus first-quarter revenue. Expectations for the recent IPO were high.
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Big global (PARA) shares fell after Reuters reported that Paramount shareholder Shari Redstone has ended talks with David Ellison’s Skydance Media, negating the potential sale of a controlling stake in the media and entertainment giant.
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Tesla (NASDAQ:) shares rose 4%. Barclays analysts noted that the potential inability to approve Elon Musk’s compensation plan is “a critical source of downside risk” for the electric vehicle maker.
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FedEx (NYSE:) Shares were flat after the parcel delivery company announced it plans to cut between 1,700 and 2,000 back-office jobs in Europe as it struggles with weak freight demand.
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Casey’s General Stores (NASDAQ:) Shares rose 16% after the retail chain reported 12% net profit growth, helped by the addition of 154 new stores.
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Confirm holdings (NASDAQ:) rose 9%, adding to yesterday’s gains, after investors said payment products are expected to be available to Apple Pay users in the United States later this year.
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Rocket companies (RKT) rose 8% after soft inflation data dashed hopes of lower interest rates, boosting demand for mortgage-related stocks and housing-related stocks such as Lennar Corp. (NYSE:), DR Horton (NYSE:), Zillow (NASDAQ:) (Z) and even DIY store (NYSE:).
Additional reporting by Louis Juricic
