Stocks Edge Lower as Rate-Cut Bets Hold and Walmart Takes Spotlight

​Futures Drift After Fed Minutes
U.S. stock futures slipped as investors digested fresh Federal Reserve minutes and reassessed expectations around interest-rate cuts. Contracts tied to the S&P 500 and Nasdaq hovered just below flat, while Dow futures edged modestly lower after the previous session’s gains.

Markets Shrug Off Hawkish Signals
Despite policymakers signaling unease about inflation and keeping the door open to tighter policy, traders have largely stuck with their easing narrative. Expectations for multiple rate cuts later this year remain intact, highlighting a growing disconnect between market pricing and the Fed’s more cautious tone.

Walmart Becomes the Consumer Test Case
Attention is turning to Walmart’s earnings as a key read on the health of the U.S. consumer. Investors are watching closely for signals on spending behavior, pricing power, and margins, with the retailer’s outlook likely to influence broader sentiment across consumer-facing stocks.

Economic Data Adds Another Layer
Weekly jobless claims and housing data are also on the radar, offering fresh clues on whether the economy is cooling at a pace that justifies easier policy. In a market sensitive to macro surprises, even modest deviations could move expectations quickly.

Why the Market Still Feels Tense
​While futures are only edging lower, the calm is deceptive. Policy uncertainty, mixed economic signals, and lingering geopolitical risks continue to hang over markets. For now, investors are holding their ground — but conviction remains fragile, and the next data point could shift the tone fast.