Stock Market Today: Dow Jones Futures Slip, S&P 500 Gains As Trump Targets Energy Firms Overcharging At The Pump—FedEx, Cerebras, Micron In Focus

U.S. stock futures were mixed on Wednesday, as the Dow Jones index fell, but the Nasdaq 100 and S&P 500 indices rose, following Tuesday’s lower close.

President Donald Trump instructed the Department of Justice (DOJ) to look into oil firms for not lowering retail fuel costs as crude oil prices drop.

In an early Wednesday post on Truth Social, Trump claimed that energy corporations are overcharging consumers because their pump prices do not reflect the much cheaper rates they are currently paying for crude. "Gasoline prices better start going down a lot faster than what I’m seeing!" Trump wrote.

Meanwhile, the 10-year Treasury bond yielded 4.46%, and the two-year bond was at 4.19%. The CME Group’s FedWatch tool‘s projections show markets pricing a 63.7% likelihood of the Federal Reserve leaving the current interest rates unchanged during July’s meeting.

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Wednesday. The SPY was up 0.26% at $735.50, while the QQQ advanced by 0.71% to $718.75.

Stocks In Focus

FedEx

• FedEx Corp. (NYSE:FDX) dropped 6.77% in premarket on Wednesday despite beating earnings estimates, as the impacts of shifting trade policy, given the tariffs, led to shrinking operating margins.

• Benzinga’s Edge Stock Rankings indicate that FDX maintains a weak price trend in the short and medium terms but a strong trend in the long term, with a poor growth score.

Cerebras Systems

• Cerebras Systems Inc. (NASDAQ:CBRS) tumbled by 11.34% despite topping earnings expectations as CEO Andrew Feldman said Tuesday the biggest constraint on artificial intelligence growth is no longer chip supply or customer demand, but the availability of data centers needed to deploy AI infrastructure at scale.

• Benzinga’s Edge Stock Rankings indicate that CBRS maintains a weak price trend in the short, medium, and long terms.

Verizon And Alphabet

• Verizon Communications Inc. (NYSE:VZ) slipped 0.36%, and Alphabet Inc. (NASDAQ:GOOG) rose 0.45% as the Google parent is set to replace Verizon in the Dow Jones Industrial Average on June 29.

• Benzinga’s Edge Stock Rankings indicate that VZ maintains a weak price trend in the short and medium terms but a strong trend in the long term, with a moderate value score.

KB Home

• KB Home (NYSE:KBH) gained 3.52% after reporting mixed financial results for the second quarter after the market closed on Tuesday.

• Benzinga’s Edge Stock Rankings indicate that KBH maintains a weak price trend in the long and medium terms but a strong trend in the short term, with a solid quality score.

Micron Technology

• Micron Technology Inc. (NASDAQ:MU) rose 4.83% as analysts expect it to post quarterly earnings of $20.47 per share on revenue of $35.42 billion, after the closing bell.

• Benzinga’s Edge Stock Rankings indicate that MU maintains a weak price trend in the short and medium terms but a strong trend in the long term, with a poor growth score.

Cues From Last Session

Sectors that gained and lost on Tuesday included consumer staples and health care, moving higher, while information technology, industrials, and materials finished among the session’s biggest laggards.

Insights From Analysts

Jeremy Siegel maintains a highly constructive outlook for both the U.S. stock market and the broader economy, driven by unexpected energy price relief and an accelerating productivity story.

He notes that the sharp decline in crude oil has drastically shifted the monetary policy conversation. Because of this, Siegel believes the inflation environment is changing fast, stating, “Under those circumstances, I find it very difficult to envision the Fed raising rates this year.”

This backdrop relieves immense pressure on the market, shifting investor focus away from recession fears toward economic resilience.

Crucially, Siegel argues that this disinflation isn’t coming at the cost of economic health. The labor market remains strong, and massive structural investments are creating a booming “productivity story.”

Instead of displacing workers, Siegel points out that AI and massive data center infrastructure investments are boosting output. He writes, “Higher productivity allows stronger growth without generating the inflationary pressures that traditionally accompany economic expansions.”

For stock investors, this unique combination of steady employment, lower energy inputs, and tech-driven efficiency signals a highly favorable climate for rising corporate profits and may trigger a broader market rally that lifts value and cyclical stocks.

Upcoming Economic Data

Here’s what investors will be keeping an eye on Wednesday.

• May’s new home sales data will be out by 10:00 a.m., and the Federal Reserve Board will release its annual bank stress test results at 4:00 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 1.76% to hover around $71.92 per barrel.

Gold Spot US Dollar fell 0.75% to hover around $4,079.26 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.24% higher at the 101.6490 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.61% higher at $62,598.81 per coin, as per the last 24 hours.

Asian markets closed higher on Wednesday, except Japan’s Nikkei 225 index. Hong Kong’s Hang Seng, Australia’s ASX 200, China’s CSI 300, India’s Nifty 50, and South Korea’s Kospi indices rose. European markets were mostly lower in early trade.

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