U.S. inventory futures are flat as rally to data pauses, tech shares set to achieve

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US stock futures were flat Wednesday morning after the S&P 500 ended a seven-day winning streak. Tech stocks should be back on top as the Nasdaq seeks another record opening.

The Dow Jones Industrial Average futures fell 35 points. S&P 500 futures rose 0.1% and Nasdaq 100 futures rose 0.55%.

With interest rates falling and concerns about the peak of economic growth, investors have rediscovered their old big tech favorites. Apple and Amazon both posted double-digit percentage returns in the past 1 month, far exceeding the 2.8% return on the S&P 500. Big tech names like Apple and Google parent Alphabet rose in pre-market trading on Wednesday. Amazon’s shares rose before the bell after the e-commerce giant rose nearly 5% in the previous session.

Energy stocks should rise as oil prices rise. WTI crude briefly hit a 6-year high on Tuesday before falling. Crude oil was back about 2% on Wednesday. Devon Energy, Occidental Petroleum and APA Corp were higher in pre-trading.

Bank stocks like Goldman Sachs and JPMorgan Chase continued their retreat on Wednesday as long-term bond yields continued to fall, hurting the industry’s profitability outlook. Contrary to many predictions, the yield on 10-year US Treasuries fell to 1.306% on Wednesday. Returns at the short end of what is known as the Treasury curve, including 1-year notes and 2-year notes, have been flat to higher.

During Tuesday’s regular session, the 30-share Dow fell 208 points. The S&P 500 ended the day down 0.2%, down from a record. The Nasdaq Composite rose nearly 0.2% to a new all-time high.

Investors may fear that the economy is nearing its peak and that a correction is imminent. In addition to the complacency of the market, the combination of profit margin pressures, fears of inflation, Fed tapering and possible higher taxes could all contribute to an eventual decline, market strategists say.

Investors will hear more clues as to the direction of Federal Reserve monetary policy when it releases its latest minutes of meetings on Wednesday afternoon, which could be a catalyst for movement in both bonds and stocks.

The Fed’s minutes are expected to be cautious as the central bank seeks progress in the job market rather than worrying that recent inflation will become a sustained trend. A slowdown in bond purchases would be the Fed’s first major retreat from the loose policies it put in place when the economy closed last year.

The end of the Fed’s $ 120 billion monthly government and mortgage purchases would also signal that the central bank’s next move could be to hike rates.

– CNBC’s Patti Domm contributed to the coverage.