NewsWare's Trade Talk: Wednesday, June 12

S&P Futures are slightly higher this morning as markets awaits this morning CPI release. Also, today there is the Fed announcement. The Fed has been very consistent with its guidance, but the Dot Plot data will likely be a source of volatility today. It is likely to move down to 2 rate cuts in 2024, markets would not be surprised if that figure comes in at 1 cut. Oracle delivered weaker than expected results last night, but their guidance is giving the stock a lift. Tesla's shareholder meeting it tomorrow where a vote will be held on Musk's pay package. In Europe, markets are showing gains, however, auto stocks are falling as the EU is moving forward with tariffs on Chinese EV vehicles. Oil prices are higher with multiple factors in play. API stockpiles data showed a draw, IEA raised its oil demand forecast and tensions in the Middle have elevated again.