U.S. stock futures wobbled Wednesday as investors awaited fresh guidance from the Federal Reserve and another batch of earning reports from the nation’s biggest companies.
Futures tied to the broad S&P 500 index edged up 0.1% while Dow Jones Industrial Average contracts wavered between gains and losses. The moves come a day after stocks slipped, halting a five-session winning streak for the major indexes. Technology-heavy Nasdaq-100 futures gained 0.4% Wednesday.
The stock market is hovering near all-time highs, with investors betting on strong corporate earnings, the economic rebound, and continued support from central banks’ easy monetary policies. Their optimism has been tempered in recent days by concerns about the Delta variant of Covid-19, China’s regulatory crackdown and the risk of persistently high inflation.
“There is a general fishing for direction right now,” said Aoifinn Devitt, chief investment officer at Moneta Group. “The strong underpinning of the market is that there is a lot of capital waiting on the sidelines, waiting for an opportunity to enter, and that means any corrections are very short lived.”
The market’s biggest vulnerability right now is that stocks can’t trade at current valuations without continued support from the Fed, Ms. Devitt added.
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