US stock market today: S&P 500, Nasdaq futures edge higher ahead of Fed decision; oil drops for fifth day

US stock futures traded with modest gains as investors awaited the Federal Reserve's policy decision under new Chair Kevin Warsh, with rates expected to remain unchanged in the 3.50%-3.75% range. Crude oil prices extended a five-session losing streak, with Brent crude falling another $1.30 per barrel and US crude dropping below $75, on expectations that a US-Iran agreement to reopen the Strait of Hormuz could boost global supply. Markets are still pricing in a quarter-percentage-point rate hike by the end of Q1 2027, while a formal US-Iran memorandum of understanding is expected to be signed on June 19 in Switzerland.