U.S. stock futures were flat on Wednesday after the S&P 500 closed at a record high, with fresh economic data and Federal Reserve minutes on the horizon to indicate rate cuts in a holiday-shortened session.
S&P 500 Futures (ES=F) traded flat after the benchmark index ended Tuesday above 5,500 for the first time. Contracts on the Nasdaq 100, a technology indexNQ=F) were also little changed, while futures for the Dow Jones Industrial Average (YM=F) increased slightly by 0.1%.
Stocks were down before the early close (1 p.m. ET) of trading Wednesday, ahead of the stock market closing Thursday to mark the Independence Day holiday.
The S&P 500 Index (^GSPC) and the Nasdaq Composite (^IXIQUE) broke a new record after Jerome Powell praised the progress made in the fight against inflation. That has bolstered hopes for an interest rate cut, even as the Fed chairman once again signaled a lack of urgency to act. Traders are pricing in a 65% chance of a September rate cut, according to The CME FedWatch Tool.
Eyes now turn to updates on private payrolls and jobless claims, due before the bell, for a snapshot of the labor market ahead of the June key jobs report Data on services activity and factory orders will also be on the agenda, to be watched for further signs of economic slowdown that could prompt policymakers to act.
In business, Paramount Global (FOR) shares jumped more than 12% following the reports Skydance Media has reached an agreement giving it a majority stake in the entertainment giant.
Meanwhile, Tesla (TSLA) Shares rose nearly 3% in premarket trading, following a 10% surge Tuesday after the electric vehicle maker reported Deliveries exceed Wall Street estimates.
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