The US stock market gained only 0.23-0.36%. The Dow Jones Industrial Average posted the weakest growth, up by 0.23%. The S&P 500 and the NASDAQ Composite added 0.36% and 0.35% respectively.

Investors are focusing on the decisions taken at the US Federal Reserve's June meeting. Market participants are closely following all decisions by central regulators, as a sharp increase in interest rates could have a negative impact on both stock markets and the entire global economy.

At its June meeting, the Fed confirmed its intention to tackle rising inflation at a rapid pace. For the first time in almost 30 years, the regulator increased the rate by 75 points at once to 1.5-1.75%. It also signaled its intention to increase it further. At the forthcoming meeting, which will take place this month, it is expected that the rate will be raised by 50 or 75 points. Minutes are not out yet, but markets are already pricing this 50-75 point hike.

Investors are guessing what the rate will ultimately be after a series of increases. For example, if it rises by 50 points, it will reach 3%. If it rises by 75 points, it will increase to 3.25% or 3.5%. When the interest rate stops at 3.5% or higher, the possibility of recession in the economy will be close to 50%. Fed policymakers have also expressed concern about the impact an interest rate hike could have on the overall economy.

According to the latest data, the ISM Services PMI edged lower to 55.3 in June of 2022 from 55.9 in May, beating market forecast of 54.3.

Among the S&P 500's 11 sectors, eight moved up. The utilities and technology sectors were the biggest gainers. The oil and gas sector was down by 1.7% as oil fell to its lowest level in three months.

Following the report of an upcoming deal for Amazon to buy a 2% stake in Grubhub from Just Eat Takeaway due to problems at the company, Uber Technologies, Inc. and DoorDash, Inc. were down by 4.5% and 7.4%, respectively. At the same time, Amazon's shares added 0.7%.

Tyson Foods, Inc. was down slightly. Its shares fell by 0.1%. The company reported a forthcoming deal to acquire stakes in two poultry companies in Saudi Arabia to expand its business abroad.

Kornit Digital, Ltd. saw the biggest drop in value with its shares falling by 25.7%. This was due to the company's worsening outlook for the second quarter of the year.

Rivian Automotive, Inc. added 10.4% as the company quadrupled its shipments as a result of higher vehicle production volumes.