U.S. stock futures were steady on Wednesday after the S&P 500 closed at a record high, with new economic data and Federal Reserve minutes as indicators of rate cuts in a holiday-shortened session.
S&P 500 futures (ES=F) were trading flat after the benchmark closed above 5,500 for the first time on Tuesday. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also little changed, while Dow Jones Industrial Average futures (YM=F) rose 0.1%.
Stocks were low ahead of the early close (1 p.m. ET) of trading on Wednesday, ahead of the market closing on Thursday for Independence Day.
The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) hit new record closes after Jerome Powell touted progress on cooling inflation, bolstering hopes for a rate cut even as the Fed chair reiterated there was no rush to take action. Traders are pricing in a 65% chance of a September decline, according to CME’s FedWatch tool.
Eyes now turn to pre-bell updates on private payrolls and jobless claims for insight into the labor market ahead of the key June jobs report on Friday. Also being watched are service sector data and factory orders for further signs of economic slowdown that could prompt policymakers to take action.
In the corporate sector, shares of Paramount Global (PARA) rose more than 12% after news broke that Skydance Media has closed a deal that will give it a controlling stake in the entertainment giant.
Meanwhile, shares of Tesla (TSLA) rose nearly 3% in pre-market trading, following a 10% surge on Tuesday after the electric vehicle maker reported deliveries that beat Wall Street estimates.
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