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SP500: Intraday Analysis & Forecast

U.S. stock index futures fell on Wednesday as downbeat results dragged chip stocks and markets exercised caution ahead of more economic data and the Federal Reserve’s interest rate decision later in the day. U.S. stocks ended lower on Tuesday as data showing a rise in labor costs and deteriorating consumer confidence dampened rate-cut expectations. Investors will now await a slew of economic data during the day to further gauge the state of inflation in the U.S. economy, before tuning in to the Fed’s interest rate decision at the end of its two-day meeting.

On the docket for the day are the ADP National employment numbers for April at 8:15 a.m. ET, the April S&P Global final manufacturing PMI data shortly after the opening bell, the ISM manufacturing PMI data and the JOLTS job openings figures, both at 10 a.m. ET.

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