Stocks were frozen in place in premarket trade.
The U.S. dollar was likewise little changed.
We are playing a waiting game today until the 2:00 PM release of the Fed meeting minutes.
The Federal Open Market Committee (FOMC) meeting minutes will be published at 2:00 PM EDT. If the minutes show a Fed worried about the outlook for inflation and/or talking about possibly raising the trajectory of monetary policy tightening, well then stocks should take a hit. I think this is more likely than not given what we know already, though we may not learn of it until we see the Fed's updated economic projections in mid-June.