Investing.com– U.S. stock index futures moved little in evening deals on Tuesday, steadying after a rally in Tesla and encouraging comments from Federal Reserve Chair Jerome Powell spurred record highs on Wall Street.
Trading volumes were slim, with markets set for a shortened trading day on Wednesday and the Independence Day holiday on Thursday.
fell 0.1% to 5,564.50 points, while edged lower to 20,248.50 points by 19:13 ET (23:13 GMT). fell slightly to 39,670.0 points.
Fed minutes, nonfarm payrolls awaited
Markets were now awaiting the of the Fed’s June meeting, which are due on Wednesday.
The central bank had kept rates steady during the meeting, and had slashed its forecast for interest rate cuts in 2024, citing concerns over the sticky inflation.
The minutes come just a day after Fed Chair Jerome Powell flagged some progress in bringing down inflation, although he warned that the Fed still needed much more confidence to begin cutting interest rates.
Other Fed officials are also set to speak, with speaking later on Wednesday.
Market focus this week is also on a slew of key labor market readings- most importantly data on Friday. But before that, data is due on Wednesday, while data released on Tuesday read hotter than expected.
Strength in the labor market is another key consideration for the Fed in cutting interest rates.
Wall St scales record highs on megacap rally, Powell comments
Wall Street indexes surged to record highs on Tuesday, after Powell flagged some progress in cooling inflation, which saw investors largely look past the hot job openings data.
Gains were driven chiefly by heavyweight growth stocks, with electric vehicle maker Tesla Inc (NASDAQ:) rallying over 10% after it clocked a smaller-than-expected decline in its quarterly deliveries.
Afterhours movers: Paramount surges, First Foundation plummets
Among major aftermarket movers, Paramount Global (NASDAQ:) jumped around 7% after multiple reports said that the firm’s controlling shareholder, National Amusements, had entered a preliminary merger deal with Skydance Media.
First Foundation Inc (NYSE:) slid over 20% after the firm received a $228 million equity investment from affiliates of Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, North Reef Capital and others, who will buy heavily discounted shares in the firm. The Wall Street Journal also reported that the bank had heavy exposure to commercial real estate.
