Major U.S. indices finished mixed yesterday, pausing after the sharp rebound seen at the start of the week. Market sentiment was bolstered by the announcement of a peace agreement between the United States and Iran, which led to a decline in oil prices and eased fears of a resurgence in inflation.

Market participants reviewed May retail sales data this Wednesday morning, which came in stronger than expected: sales rose 0.9% in May, compared to a consensus estimate of 0.5%, following a previous increase of 0.4%.

Unsurprisingly, the Fed is expected to maintain its benchmark interest rates within a range of 3.50% to 3.75% at the conclusion of its two-day meeting. While a monetary status quo appears certain, traders will be particularly attentive to Kevin Warsh's comments regarding inflation, employment, and the outlook for the American economy.

"The focus is not so much on interest rates, where no one expects a change, but rather on Kevin Warsh's first press conference and how he will balance the demands of President Trump with those of the bond market," noted Alessia Berardi, head of global macroeconomics at the Amundi Investment Institute.

In Europe, central banks also remain a primary concern. The Riksbank (Sweden's central bank) maintained its key interest rate at 1.75% as expected, while suggesting that a hike in the coming months has become more likely. The Bank of England is scheduled to announce its decision on Thursday.

Stocks on the Move

On the corporate front, CarMax is trading higher in pre-market action after reporting quarterly revenue that exceeded expectations.

Intel is up 3.51% in pre-market trading following the announcement that its new 18A manufacturing process has entered the trial production phase.

The semiconductor sector is also showing positive momentum.

Finally, SpaceX continues its ascent for a fourth consecutive session since its initial public offering on Friday, gaining 2.23% before the opening bell.