U.S. stock futures opened with little change on Sunday night as investors eagerly awaited the Federal Reserve's upcoming interest rate decision and the release of May's inflation data. Dow Jones Industrial Average futures edged up by 13 points, while S&P 500 futures and Nasdaq 100 futures remained flat.

Wall Street experienced a positive week, with the S&P 500 reaching a record intraday high on Friday. The broad market index saw a solid 1.32% increase. The 30-stock Dow also registered a gain of 0.29%, while the tech-heavy Nasdaq Composite climbed an impressive 2.38%.

One notable company that shined last week was Nvidia, the artificial intelligence favorite, which enjoyed a remarkable 10% surge. This propelled the chipmaker's market capitalization past the $3 trillion mark for the first time.

However, the focus now shifts to the Federal Reserve's rate decision and May's consumer price index data, both expected to be key tests for the market. Friday's robust jobs report indicated that the central bank may hold off on lowering rates, adding further anticipation to the upcoming announcements.

Investors will closely examine the Federal Reserve's updated projections on the timing and frequency of rate cuts. Currently, the market is pricing in only one rate cut this year, scheduled for November, according to the CME FedWatch tool.

Macquarie's David Doyle highlighted conflicting implications in the Fed's policy outlook. While the rise in unemployment is seen as dovish, the strong non-farm payroll data suggests solid demand for labor, which leans toward a hawkish sentiment.

In addition to the rate decision and inflation data, investors will also keep a close eye on Apple's Worldwide Developers Conference on Monday. The tech giant is expected to make significant software announcements, which could impact its stock and the broader market.

Looking ahead, economists polled by Dow Jones anticipate a 3.4% rise in May's consumer price index compared to the same period last year, with a monthly increase of 0.1%. In the prior reading, the year-on-year increase was also 3.4% but with a slightly higher monthly gain of 0.3%. Core CPI, which excludes volatile food and energy prices, is projected to show a 3.5% year-on-year increase and a monthly gain of 0.3%. Previously, it exhibited a 3.6% gain year-on-year and a 0.3% increase on a monthly basis.

With the Fed's rate decision and key data releases on the horizon, investors are eager to dissect the implications for the market as they navigate the current economic landscape.

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