S&P 500 Index futures are little changed early Wednesday, holding just below record levels. Futures on the S&P 500 are up less than 0.1%, Dow futures are higher by 23 points, and Nasdaq 100 futures remain flat.
This follows a broad rally Tuesday where the S&P 500 jumped more than 1%, the Nasdaq Composite climbed over 1%, and the Dow gained more than 500 points. Notably, the Nasdaq 100 closed at a record high.
Falling oil prices continue to support equity sentiment, with WTI crude down 6% on Tuesday amid optimism around a ceasefire between Israel and Iran. That pullback has helped alleviate near-term inflation concerns, giving room for risk assets to advance.
Markets continue to absorb geopolitical and inflation risks with remarkable resilience.
14:00 GMT – New Home Sales (May)
• Forecast: 640K
• Previous: 634K
May’s New Home Sales data will offer a timely read on housing demand. A print above consensus could dampen hopes for near-term Fed rate cuts, while a miss would add to arguments for easing. Traders will also parse the regional breakdown and price metrics to assess consumer strength.
Before the Bell:
• GIS (General Mills): Est. EPS $0.71
• PAYX (Paychex): Est. EPS $1.19
• WGO (Winnebago): Est. EPS $0.79
After the Bell:
• MU (Micron Technology): Est. EPS $1.59 on $8.8B revenue
Semiconductor traders are watching closely. Analysts expect sharp YoY growth driven by AI-related enterprise and server demand. This will be a key test for broader tech momentum.
14:00 GMT – Fed Chair Jerome Powell testifies before Senate Banking Committee
Powell reiterated Tuesday that inflation risks from tariffs could emerge in the summer, and that the Fed is not ready to cut rates. Markets have now pushed July rate cut odds lower, favoring a September timeline. Powell’s remarks today could reinforce the Fed’s data-dependent stance.
S&P 500 Index Futures: Grinding Toward Resistance
Futures are testing the 6,150 area, with major resistance at 6,288.75—the all-time high. Short-term support sits at 5,959.00. Rising 50-day and 200-day SMAs at 5,846.6 and 5,967.13, respectively, provide structural support. A breakout above 6,288.75 would trigger bullish continuation potential.
Nasdaq 100 Futures: Approaching All-Time High
Futures are trading at 22,437.00. Key resistance is 22,873.25. Support rests at 21,566.75 and deeper at the rising 50-day SMA at 20,958.2. Momentum remains positive with higher lows off the 20,943.50 pivot.
Dow Jones Futures: Breakout Watch at Range Highs
Dow futures are at 43,430, pressing against resistance at 43,516. The 200-day SMA at 43,458 coincides with that ceiling, making this a pivotal zone. A decisive close above 43,516 would mark a breakout from the multi-week range and shift upside bias toward the next major level near 46,326. On the downside, support rests at 42,088, with the 50-day SMA at 42,027.0 and secondary support at 41,552.
Outlook
Equity bulls are eyeing new highs as Powell testifies and Micron reports after the bell. With oil-driven inflation relief and solid earnings tailwinds, market tone remains constructive—but Fed hesitation and housing data could shift the rate cut calculus.
More Information in our Economic Calendar.
James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.
