S&P 500 futures inch higher after index's first-ever close above 5,400: Live updates

S&P 500 futures rose slightly Wednesday night after the broad market index closed above 5,400 for the first time, following the Federal Reserve's latest interest rate decision and a May consumer inflation print that came in cooler than expected.

S&P 500 futures and Nasdaq 100 futures climbed 0.10% and 0.45%, respectively. Dow Jones Industrial Average futures fell 34 points, or 0.09%.

In extended trading, Broadcom shares surged 14% after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. On the other hand, Dave & Buster's Entertainment shares dropped 10% after the company's first-quarter revenue missed estimates.

Wall Street is coming off a strong session for the S&P 500 and Nasdaq Composite, with each benchmark hitting all-time highs and closing at records. The broader market index notched a 0.85% advance, while the tech-heavy Nasdaq rallied 1.53%. The 30-stock Dow was the outlier, closing down slightly by 0.09%.

Investors were optimistic after the central bank acknowledged that "modest further progress" had been made toward its 2% inflation target, even as it kept rates unchanged.

At the conclusion of its policy meeting Wednesday, the Fed indicated just one rate cut is coming in 2024, down from the three it previously forecast in March.

May's cooler consumer price index print added to hopes that inflation was indeed easing. Treasury yields plunged following the report, with the 10-year note dropping to its lowest level since April 1.

"The Fed unsurprisingly left policy unchanged but continues to just about keep the door open to rate cuts this year," wrote James McCann, deputy chief economist at abrdn. "Today's downside surprise in CPI inflation was more encouraging, and with most