Stock market today: US futures flatline after S&P 500 hits another record high
- US futures were flat in premarket trading on Wednesday.
- Markets closed higher on Tuesday despite higher-than-expected inflation numbers.
US futures were treading water in premarket trading after a rally saw the S&P 500 close at a new record high on Tuesday.
S&P 500 futures were flat ahead of the bell following Tuesday's record session, with the index rising 1.1%.
Nasdaq 100 futures were 0.14% lower, while the Dow Jones Industrial Average futures also showed little movement.
Ten-year treasury yields were also steady, as was the US Dollar Index, which tracks the greenback's strength against six other major currencies.
Tuesday's CPI report, which showed inflation accelerated in February for the second month in a row, did little to contain markets as traders allowed their enthusiasm for tech stocks to overpower caution over when the Fed will cut interest rates.
"While the inflation data came in a little higher than consensus expectations, it doesn't change the overall market outlook and the positive equity market reaction is consistent with this interpretation," said Brian Rose, senior US Economist at UBS.
Nvidia surges
Mega-cap tech stocks were among the top gainers on Tuesday, with cloud and software provider Oracle's stock surging by 11.7% after reporting strong quarterly earnings.
Meanwhile, the juggernaut that is Nvidia closed another 7% higher, bringing its value to $2.3 trillion. Its stock has jumped an astonishing 90% this year and is now just $370 billion short of Apple's valuation.
Wall Street will be looking to the release of the producer price index, initial jobless claims, retail sales, and business inventory reports on Thursday for more signs of the economy's performance.
Dollar Tree is due to report earnings before the opening bell, while homebuilder Lennar will report quarterly results this afternoon.