Stock futures showed a slight decline on Tuesday evening as investors eagerly anticipated the Federal Reserve's interest rate decision and the release of May's consumer inflation data. Futures tied to the Dow Jones Industrial Average slipped by 2 points, or 0.01%, while S&P 500 futures ticked up by 0.06%. Nasdaq 100 futures also saw a slight increase, adding 0.1%.

During extended trading, software maker Oracle stole the spotlight, surging 8.8% as traders focused on the company's newly announced cloud deals with Google and OpenAI. The market seemed to overlook any missed marks in Oracle's latest quarterly report. Apple, on the other hand, commanded attention during regular trading hours, with investors rotating into the tech giant, resulting in fresh record highs for both the S&P 500 and the Nasdaq Composite. Apple's push into artificial intelligence, announced at its developer conference this week, drove a rally in the stock. The Dow, however, experienced a minor setback, losing 0.31%.

Market participants are eagerly awaiting the conclusion of the Federal Reserve's two-day policy meeting on Wednesday. The meeting, which will feature a rate policy decision and a subsequent press conference with Federal Reserve Chair Jerome Powell, has captured investors' attention. While market pricing indicates that the Fed is likely to maintain its benchmark overnight borrowing rate within a range of 0.25% - 0.5%, market observers will be closely monitoring any updates to the Fed's Summary of Economic Projections. These updates could shed light on the central bank's monetary policy trajectory. Concerns have grown among investors that the recent strong jobs report and persistently high inflation indicate a potential prolonged period of higher interest rates.

Quincy Krosby, the chief global strategist for LPL Financial, emphasized the market's focus on any mentions within the Fed statement, the dot plot, or Chair Powell's comments regarding concerns about the labor market. Powell's earlier remarks suggested that indications of deterioration in the labor market could prompt easing of rates.

In addition to the Fed's decision, May's consumer price index (CPI) will also be released on Wednesday morning. Economists predict that the CPI will show a slight 0.1% increase from April, with a 3.4% rise on a year-over-year basis.

Noted fixed-income investor Jeffrey Gundlach, CEO of DoubleLine Capital, shared his projection of the Federal Reserve's dot plot during an investor webcast on Tuesday. Gundlach expects the dot plot to indicate a projection of only two rate cuts for this year, down from the previously forecasted three interest rate cuts for 2024. The dot plot reflects the expectations of 19 members of the Federal Open Market Committee (FOMC) regarding interest rate levels throughout the year and beyond.

In after-hours trading, several companies made headlines. Oracle's shares jumped nearly 9% following the announcement of its cloud deals with Google and OpenAI, despite reporting lower-than-expected fiscal fourth-quarter results. Cloud data management company Rubrik saw a 1.4% increase in its shares after surpassing first-quarter revenue expectations with $187 million. Terminix-parent Rentokil experienced a boost of about 7.5% as Nelson Peltz's Trian Partners revealed their significant position in the pest-control giant, making them one of the top 10 shareholders in the company.

Overall, as stock futures remained slightly lower, investors are anxiously waiting for the outcome of the Fed's policy meeting and May's CPI data, which could provide valuable insights into the future direction of the market and interest rates.