US pre-open: Futures mixed after S&P 500 notches yet another record close
Wall Street futures were mixed before the bell on Wednesday ahead of more earnings and key data points.
As of 1230 BST, Dow Jones futures were down 0.15%, while S&P 500 futures were 0.10% weaker and Nasdaq-100 futures had the index coming out of the gate 0.06% higher.
The Dow closed 278.24 points higher on Tuesday, while the S&P 500 wrapped up the session at another fresh record high.
Market participants will be awaiting a speech from Treasury Secretary Janet Yellen, who will say that enacting Joe Biden's trillion-dollar bipartisan infrastructure bill was key to maintaining America's status as the "world's pre-eminent economic power".
Earnings will also again be in focus on Wednesday, with General Motors set to update before the open, while MGM Resorts, Wynn Resorts and Booking.com will report following the close.
On the macro front, mortgage applications fell 1.7% across the US in the week ended 30 July, after jumping 5.7% in the previous week. According to the Mortgage Bankers Association, applications to refinance a home loan decreased 1.7% and purchases also went down 1.7% despite the average fixed 30-year mortgage rate dropping below 3% for the first time since February.
"Purchase application volume decreased again, reflecting the ongoing lack of inventory that continues to drive rapid home-price appreciation across the country," said the MBA's Mike Fratantoni.
Still to come, ADP employment change numbers for July will be published at 1315 BST, while the ISM's non-manufacturing PMI and a speech from the Federal Reserve's Richard Clarida will both follow at 1500 BST