5 Things to Know Before the Stock Market Opens

U.S. stock futures are little changed ahead of today’s Federal Reserve interest-rate decision, with the central bank expected to keep borrowing costs unchanged; Amazon (AMZN) CEO Andy Jassy told staff that that he expects the online retailer to trim its corporate workforce because of AI advances; OpenAI CEO Sam Altman said Meta Platforms (META) offered $100 million signing bonuses to poach the ChatGPT maker’s AI staff; and Tesla (TSLA) shares are in focus following a report that it planned to shutter production for a week at its plant in Austin, Texas. Here’s what investors need to know today.

1. US Stock Futures Little Changed Ahead of Rate Decision, Juneteenth Holiday

U.S. stock futures are little changed as investors continue to watch developments in the Israel-Iran conflict and prepare for today’s Federal Reserve interest-rate decision. Stock and bonds markets will be closed tomorrow for the Juneteenth federal holiday. Nasdaq futures are flat after the tech-focused index fell 0.9% Tuesday amid a broader market downturn on geopolitical concerns. Dow Jones Industrial Average and S&P 500 futures also are little changed. Oil futures are edging higher to trade around $75 a barrel. Bitcoin (BTCUSD) and gold futures are lower. The yield on the 10-year Treasury note is barely changed.

2. Fed Expected to Keep Interest Rates Unchanged Today

The Federal Reserve is expected to keep interest rates unchanged when it concludes its meeting at 2 p.m. ET today. Financial markets early Wednesday were pricing in nearly a 100% likelihood that the Federal Open Market Committee would leave the benchmark rate at 4.25% to 4.5%, the same level it’s been since December, according to the CME Group’s FedWatch tool. If the Fed leaves rates intact as expected, President Donald Trump could renew his criticism of Fed Chair Jerome Powell for not moving to lower them. Powell is slated to address the media at 2:30 p.m. ET.

3. Amazon CEO Sees Company Trimming Workforce Because of AI Advancements

Amazon (AMZN) CEO Andy Jassy said in a company memo that he expects the online retailer to trim its corporate workforce over the next few years with advancements in artificial intelligence (AI). Jassy suggested AI agents could help accelerate innovation at Amazon by taking on rote work previously handled by human employees. Amazon had nearly 1.6 million full- and part-time employees as of March 31, according to its latest quarterly results. Amazon shares are slightly higher in premarket trading.

4. OpenAI CEO Says Meta Offering $100M Signing Bonuses to Poach AI Staffers

OpenAI CEO Sam Altman said Meta Platforms (META) offered signing bonuses as high as $100 million to poach the ChatGPT maker’s staffers. Speaking on his brother’s “Uncapped with Jack Altman” podcast, Sam Altman said that the Facebook parent was offering even larger annual compensation packages, but added that “so far none of our best people have decided to take (Meta CEO Mark Zuckerberg) up on that.” The alleged attempts to poach OpenAI staffers come as Zuckerberg reportedly has been frustrated with Meta’s level of AI progress.

5. Tesla Stock in Focus Following Report of Austin Factory Pause

Tesla (TSLA) shares are edging higher in premarket trading after shedding nearly 4% in the prior session on worries over its production levels. According to Business Insider, Tesla will pause production of Cybertrucks and Model Y vehicles at its Austin, Texas, plant for one week starting the week of June 30.  It would be the third production halt within the past year, the report said. Austin also is the site of Tesla’s highly anticipated robotaxi launch, which CEO Elon Musk said last week is “tentatively” planned for June 22.