Traders work on the floor of the New York Stock Exchange.
New York Stock Exchange
Stock futures were little changed Wednesday afternoon after Standard & Poor's 500 Set a new record.
Futures linked to Dow Jones Industrial Average It decreased by 9 points or 0.02%. S&P 500 Futures And Nasdaq 100 Futures rose 0.05% and 0.15%, respectively.
Wall Street comes off a mixed session pushed Nasdaq Composite The S&P 500 index rose to fresh record highs after Federal Reserve Chairman Jerome Powell warned that keeping interest rates high for too long could hamper economic growth. The S&P 500 rose 0.07%, while the Nasdaq added 0.14%. Dow The Dubai Financial Market index fell 52.82 points, or 0.13%.
“Reducing policy restrictions too late or too little could unduly weaken economic activity and employment,” Powell said in his semiannual address to Congress on Tuesday before the Senate Banking Committee. He continues his testimony on Wednesday before the House Financial Services Committee. “More good data would strengthen our confidence that inflation is moving sustainably toward 2 percent,” Powell added.
Wednesday will be a light day for economic data, with the final reading on wholesale inventories for May due before the June CPI reading on Thursday. That will be followed by the June PPI reading on Friday.
Many see the upcoming CPI reading as a key test for the market and expectations of rate cuts.
“If we get a cooler CPI reading this week and if we get a cooler PPI reading, September will be priced in as a done deal,” Liz Young Thomas, SoFi’s chief investment strategist, said on CNBC’s “Closing Bell” on Tuesday, warning that at some point, cooler data could become colder.
