U.S. stock futures held flat Wednesday as traders awaited the Federal Reserve's September policy meeting minutes. The S&P 500 and Nasdaq-100 both closed at record highs Tuesday, with the S&P 500 climbing 0.6 percent to 7,818.93 and the Nasdaq Composite advancing 0.5 percent to 27,599.79 for a second consecutive record close. Dow Jones Industrial Average futures slipped slightly.
Bullish earnings estimates have fueled the rally, but concentration risk looms: Nvidia, Apple and Microsoft account for roughly one-fifth of the S&P 500's total weight.
The Fed's Sept. 15-16 minutes will shed light on rate decisions. Traders are pricing in roughly 20 percent odds of another rate hike at next week's October meeting. Policymakers have signaled less hawkish stances since lower-than-expected personal consumption expenditures and jobs data last week. The central bank raised rates in September to address inflation.
Brent crude oil remains priced above $100 per barrel, elevated by recent Houthi attacks in the Middle East. Bond yields retreated Tuesday but hover near multidecade highs, reflecting persistent inflation concerns.
The dollar weakened Wednesday as stress in European bond markets eased. The euro surged its most in seven weeks Tuesday after France's leading presidential candidate outlined government spending cuts. The yen weakened despite a dovish Bank of Japan board member voicing support for interest rate increases.
Levi Strauss Co. (LEVI) and Applied Digital (APLD) report earnings later Wednesday.
