Stock futures were calm on Tuesday evening after Wall Street saw the S&P 500 close at a fresh high.
Futures tied to the Dow Jones Industrial Average dipped 6 points, or less than 0.1%. S&P 500 futures and Nasdaq 100 futures were also within 0.1% of the flat line.
The move in futures comes after a rally for stocks on Tuesday that saw the S&P 500 and Nasdaq Composite each gain more than 1%.
The rise for equities came despite a consumer price index that showed inflation was mildly higher than expected in February, further clouding the outlook for when the Federal Reserve will start to cut interest rates. Notably, stocks jumped even as bond yields moved higher.
“We don’t think it is going to be the Fed that kills this economic cycle. Ultimately what determines the end of this expansion is going to be based on whether we have some kind of shock … Otherwise, you can be in what we would consider late cycle for a considerable amount of time,” Gabriela Santos, global market strategist at JPMorgan Asset Management, said on “Closing Bell.”
The bull market for stocks has shown signs of broadening out in recent weeks, but chipmaker Nvidia still remains a key bellwether. Shares of Nvidia rose more than 7% on Tuesday, erasing nearly all of their losses from the prior two sessions and bringing the year to date gain to about 86%.
Earnings season is winding down, with Dollar Tree expected to report on Wednesday morning. Homebuilder Lennar is slated to post results after the close.
