S&P 500 futures rise as traders turn eyes to Nvidia conference, await Fed meeting: Live updates

S&P 500 futures climbed Monday, as Wall Street awaited a key artificial intelligence conference and looked ahead to monetary policy guidance from the Federal Reserve later this week.

Futures tied to the S&P 500 ticked up 0.8%. Nasdaq-100 futures added 1.2% and Dow Jones Industrial Average futures rose 93 points, or 0.2%.

Tech shares outperformed in early trading

Nvidia shares were up more than 2% in the premarket ahead of the company's GTC Conference — where the chipmaker is expected to showcase its latest inroads in artificial intelligence. Shares of Alphabet rose 4% after Bloomberg News reported that Apple was in talks with Google to include the company's Gemini AI in iPhones. Meanwhile, Super Micro Computer climbed 2.8% ahead of the company's first trading day as part of the S&P 500.

Those moves took place ahead of the Fed's two-day policy meeting, which is slated to start Tuesday and end with an announcement Wednesday.

According to the CME FedWatch Tool, Fed funds futures are currently pricing in a 99% likelihood that the Fed will leave benchmark interest rates unchanged this week. However, the expectation for a June cut has ticked down in recent days to about 55%.

"[This] week's Fed meeting could determine the direction for the market, particularly if the Fed telegraphs that rates need to remain steady, even for just a bit longer," LPL Financial chief global strategist Quincy Krosby wrote in a Friday note. "That could be what's needed to allow this market to absorb gains and consolidate before the new earnings season begins."

Inflation concerns have pressured stocks in recent days, with the S&P 500 set to enter Monday trading riding a two-week losing streak. The 30-stock Dow and Nasdaq are also coming off marginal losses.

A