All eyes are on the Federal Reserve ahead of its interest rate decision at 2:00 p.m. Eastern time today. Speaking from outside the White House, President Trump criticized the Fed and Fed Chair Jerome Powell yet again, saying “I’d do a much better job than these people. So anyway, we should be two points lower. It’d be nice to be two and a half points lower.”
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Barring a miracle, Trump’s wish for at least a 2% rate cut today is near impossible. CME’s FedWatch tool assigns a 99.9% chance that the federal funds rate will remain in a range between 4.25% and 4.50% and a 0.1% chance for a 25 basis points reduction.
Meanwhile, a leading economic indicator is flashing warning signs. May’s housing starts came in at an annualized rate of 1.256 million, the lowest rate since the coronavirus pandemic in May 2020 and falling by 9.8% compared to April. High mortgage rates, uncertainty from tariffs, and a rising inventory of homes contributed to the fall.
The S&P 500 (SPX) is up by 0.46% at the time of writing.

Which Stocks are Moving the S&P 500?
Let’s take a look at TipRanks’ S&P 500 Heatmap, which illustrates the stocks that have contributed to the benchmark index’s price action.

The brunt of today’s price action will likely occur after the Fed’s rate decision later. Most S&P 500 stocks are within the -1% to +1% range, although Visa (V) and Mastercard (MA) are noticeably in the red. The two payment leaders are still facing downside from reports that Amazon (AMZN) and Walmart (WMT) could create their own stablecoins, which would reduce reliance on the two companies. If successful, other companies could follow suit.
On the other hand is Tesla (TSLA), which is up by over 3%. The EV company’s robotaxi pilot program will begin in just a few days on June 22 as investors excitedly bid up the stock.
SPY Stock Moves Higher with the S&P 500
The SPDR S&P 500 ETF (SPY) is an exchange-traded fund designed to track the movement of the S&P 500. As a result, SPY moves in tandem with the SPX.

Wall Street has high expectations for SPY stock. During the past three months, analysts have issued an average SPY price target of $671.71 for the stocks within the index, implying upside of 11.95% from current prices. The 504 stocks in SPY carry 422 buy ratings, 75 hold ratings, and 7 sell ratings.