Business
Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange on June 24, 2024.
Brendan McDermid | Reuters
U.S. stock futures traded near the flat line Tuesday night after S&P 500 closed above 5,500 for the first time.
Futures contracts linked to the S&P 500 slightly decreased by 0.1%. Dow Jones Industrial Average Futures And Nasdaq 100 Futures Contracts were slightly lower.
Paramount Global Shares jumped nearly 7% in extended trading following reports from the Wall Street Journal and the New York Times that Skydance Media has reached a preliminary deal to buy National Amusements, the entertainment giant's majority shareholder.
During Tuesday's main trading session, the broad market index rose 0.62% to close above 5,500 for the first time. Nasdaq Composite Index rose 0.84% to close at a record high, and the 30 stocks Dow increased by 0.41%.
As the S&P 500 index continues to climb, Wall Street is increasingly concerned that the Fed’s narrow lead won’t be sustainable for long. Also weighing on investors is the question of when the Fed will start cutting rates. Speaking at a central bank forum Tuesday, Fed Chairman Jerome Powell said that while the central bank has made some progress in reducing inflation, it isn’t quite ready to cut rates.
Scott Chronert, head of U.S. equity strategy at Citi Research, believes a pullback could be imminent in the coming months.
“Our concern is that the market is starting to price in a growth outlook that may be difficult for companies to achieve, one by one, particularly given the continued pressure we see on underlying economic conditions,” he said Tuesday on CNBC's “Closing Bell.”
“Combine this with strong flows into the mega-cap growth technology sector and into core values and euphoric sentiment, and it suggests to us that we need to prepare for a pullback at some point during the summer,” Chronert added.
Several new economic data are due out Wednesday, ahead of the July 4 holiday. ADP private payrolls figures for June are due, as are weekly jobless claims figures. The U.S. trade deficit for May, the S&P Global U.S. services purchasing managers' index and the ISM non-manufacturing PMI for June are due.
The minutes of the June meeting of the Federal Open Market Committee, which sets monetary policy, will be released in the afternoon.
The New York Stock Exchange closes early at 1 p.m. ET on Wednesday and will be closed Thursday for Independence Day.
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