Traders work on the floor of the New York Stock Exchange.
New York Stock Exchange
Stock futures were little changed in overnight trading Tuesday after the S&P 500 closed at a new record high.
Dow Jones Industrial Average futures fell 10 points. S&P 500 futures and Nasdaq 100 futures were little changed.
Wall Street ended mixed, with the Nasdaq Composite and S&P 500 hitting new records after Federal Reserve Chairman Jerome Powell warned that keeping interest rates high for too long could hurt economic growth. The S&P 500 rose 0.07% and the Nasdaq added 0.14%. The Dow Jones Industrial Average lost 52.82 points, or 0.13%, on Thursday.
“Reducing policy restraints too late or by too little could weaken economic activity and employment excessively,” Powell told the Senate Banking Committee on Tuesday as part of his semi-annual address to Congress. He will continue his testimony before the House Financial Services Committee on Wednesday. “Further, better data will strengthen our confidence that inflation is on a sustained path to 2 percent,” Powell added.
Wednesday is a light day for economic data, with May wholesale inventory releases coming ahead of the June Consumer Price Index on Thursday, and June Producer Price Index on Friday.
Many believe the upcoming consumer price index release will be a key test for the market and the outlook for rate cuts.
“If the CPI cools further this week and the PPI cools further as well, September will be priced in as a conclusive figure,” SoFi head of investment strategist Liz Young-Thomas said on CNBC’s “Closing Bell” on Tuesday, warning that at some point the data could become too cold.
