06:28 AM EDT, 06/10/2024 (MT Newswires) -- US equity investors will look out for the June Federal Reserve meeting and consumer price inflation data this week to assess the direction of interest rates and the impact of evolving monetary policy on the technology sector gains.

* CPI for May arrives just hours ahead of Wednesday's policy announcement from the Federal Open Market Committee, or FOMC. Following the blockbuster nonfarm payrolls released last Friday, this week's hot inflation report could complicate the Fed's easing path and undermine growth sectors. Technology was the top gainer on the sector charts last week, helped mainly by continuing gains from Nvidia ( NVDA ) .

* FOMC participants can update interest-rate forecasts right through to the morning of the second day of their two-day meeting, including after CPI, Derek Holt, head of capital markets economics at Scotiabank, said in a note late Friday, referring to the updated Summary of Economic Projections.

* "This is just one of four CPI and three PCE reports before we think the Fed could deliver a first cut at the September meeting," Holt said. "A lot has to go right by then, but we think the ingredients for easing will gradually fall into place."

* Meanwhile, Apple ( AAPL ) will likely unveil on Monday its AI strategy at the worldwide developers conference in Cupertino, according to a note from Wedbush Securities. This technology will bring "ample monetization opportunities" and $30 to $40 per share to the Cupertino growth story.

* Tesla shareholders are slated to vote on a renewed version of Chief Executive Elon Musk's pay package at an annual meeting on June 13. The Tesla board approved a compensation package for Musk in 2018, now valued at around $56 billion. A lawsuit filed in Delaware chancellery court later succeeded in throwing out the all-stock award as excessive.

* Shares of Nvidia ( NVDA ), which executed its 10-for-1 stock split after the close on Friday, are trading at the lower post-split price early on Monday in premarket activity.