Stock Futures Drift as Investors Await Federal Reserve Policy Meeting

Stock futures are drifting as investors await the conclusion of the Federal Reserve's policy meeting. Markets expect a rate cut, but remain wary about what guidance might come afterward.Government-bond yields, especially the 10-year U.S. Treasury yield, have surged from recent lows. They have stabilized, but the jump has lifted borrowing costs and weighed on risk assets, adding pressure on equity valuations.Equity investors are acting cautiously. With heightened uncertainty about future rate moves and economic growth, trading volume and conviction remain muted.Oil prices are holding fairly steady amid a mix of geopolitical uncertainty and macro caution ahead of the Fed's decision.In pre-market trading, S&P 500 futures were basically flat, Nasdaq futures fell 0.06% and Dow futures rose 0.03%.Check out this morning's top movers from around Wall Street, compiled by The Fly.UP AFTER EARNINGS -Photronicsup 22%Daktronicsup 12%Chewyup 3%REV Groupup 3%VersaBankup 3%DOWN AFTER EARNINGS -Lakeland Industriesdown 29%GameStopdown 5%J.Jilldown 5%Cracker Barreldown 4%