Dow, S&P 500, Nasdaq futures edge up after Wall Street’s record-setting rally stalls

US stock futures ticked up after Wall Street ended a record-setting rally.

Futures attached to the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) rose roughly 0.1%.

Stocks slid on Tuesday after Federal Reserve Chair Jerome Powell’s speech in Rhode Island underscored that low employment and high inflation leave the central bank with “no-risk free path.” While Powell left the door open to further rate cuts this year, he signaled the Fed would approach additional reductions with caution. The Fed chair also described stocks as “fairly highly valued.”

In after-hours trading, Micron Technology (MU) rose after its results exceeded Wall Street expectations. Investors had been watching the company’s results as a key indicator for the AI trade.

Wall Street is now counting down to the release of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, on Friday. Following Powell’s speech, traders are eager for reassurance that inflation isn’t posing a threat to high expectations for two more rate cuts this year.