US stock futures held steady on Wednesday after a record S&P 500 close, with fresh economic data and Federal Reserve minutes on deck for pointers to rate cuts in a holiday-shortened session.
S&P 500 futures (ES=F) traded flat after the benchmark ended Tuesday above 5,500 for the first time. Contracts on the tech-filled Nasdaq 100 (NQ=F) were also little changed, while Dow Jones Industrial Average futures (YM=F) edged up 0.1%.
Stocks were muted ahead of an early close (1 p.m. ET) to trading on Wednesday, ahead of the stock market’s shutdown on Thursday to mark the Independence Day holiday.
The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) hit fresh record closes after Jerome Powell touted progress on cooling inflation. That cemented hopes for an interest-rate cut even as the Fed chair once again signaled a lack of urgency to act. Traders are pricing in 65% odds of a move lower in September, according to CME’s FedWatch tool.
Eyes are now on updates on private payrolls and jobless claims due before the bell for insight on the labor market ahead of the key June jobs report release on Friday. Also on deck are data on services activity and factory orders, watched for further signs of economic slowing that could prompt policymakers to act.
In corporates, Paramount Global (PARA) shares climbed over 12% on reports Skydance Media has reached a deal that gives it a controlling stake in the entertainment giant.
Meanwhile, Tesla (TSLA) shares rose almost 3% in pre-market trading on the heels of a 10% surge Tuesday after the EV maker posted deliveries that beat Wall Street estimates.
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