Stock Market Today: Dow futures dip from record highs as rally pauses
How are stock-index futures trading:
S&P 500 futures are down 0.2%.
Dow Jones Industrial Average futures are dipping 0.1%.
Nasdaq 100 futures are falling 0.3%.
On Tuesday, the Dow Jones Industrial Average rose 84 points, or 0.2%, to 42,208, the S&P 500 increased 14 points, or 0.25%, to 5,733, and the Nasdaq Composite gained 100 points, or 0.56%, to 18,075.
Futures indicate stocks will pause the rally that saw the Dow Jones Industrial Average on Tuesday register its 31st record close of the year and the S&P 500 its 41st such milestone.
“With a lack of major economic news on the schedule for Wednesday and only a few big-name corporates reporting results, investors might be taking stock of events and working out their strategy for the months ahead. There continues to be a lot of noise helping to pull asset prices one way or another, but the key is staying focused,” said Russ Mould, investment director at AJ Bell.
Helping contain bullish sentiment on Wednesday are 10-year Treasury yields at three week highs as traders eye the August personal consumption expenditure price index, the Federal Reserve’s favored inflation gauge, due for release on Friday.
A global ‘risk-on’ rally sparked by Tuesday’s news of a big stimulus package unveiled by Beijing has faded somewhat, with industrial commodities such as oil and copper giving back some of their recent gains.