US stock futures flat after S&P 500 hits record high; Fed cues, PMIs awaited

Investing.com-- U.S. stock index futures steadied on Tuesday evening after Wall Street eked out record highs, although gains were limited by anticipation of more cues on interest rates from the Federal Reserve.

Purchasing managers index data for February is also due this week, offering up more insight into the U.S. economy as it grapples with sticky inflation and increased trade jitters.

Futures steadied after the S&P 500 inched higher to record highs, as sentiment remained upbeat following a mostly strong fourth-quarter earnings season. 

S&P 500 Futures steadied at 6,148.75 points, while Nasdaq 100 Futures rose slightly to 22,245.50 points by 18:21 ET (23:21 GMT). Dow Jones Futures were flat at 44,655.0 points. 

Fed minutes, PMIs in focus 

The Fed is set to release the minutes of its late-January meeting on Wednesday, offering more insight into the central bank’s plans for interest rates after it signaled an extended pause in its rate cut plans.

The Fed cited concerns over sticky inflation and increased trade tariffs under President Donald Trump as points of uncertainty over altering monetary policy. Strong inflation readings from last week had furthered this notion, while Trump imposed 25% tariffs on all steel and aluminum imports.

A slew of Fed officials largely reiterated plans to keep rates steady in separate addresses this week. More Fed officials are also set to speak in the coming days, with addresses from Governor Philip Jefferson and Chicago Fed President Austan Goolsbee due on Thursday. 

Beyond Fed cues, focus this week is also on preliminary PMI readings for February, due on Friday. The prints are expected to show that U.S. business activity carried over momentum from January. 

S&P 500 ekes out record high

The S&P 500 rose 0.3% to a record closing high of 6,129.62 points on Tuesday, even as investors remained mostly non-commital ahead of more economic cues this week.

Other Wall Street indexes remained flat, with the NASDAQ Composite rising 0.1% to 20,041.26 points, while the Dow Jones Industrial Average steadied at 44,556.16 points. 

Still, Wall Street remained heady following recent gains in technology stocks, as sentiment over artificial intelligence remained positive. A strong fourth-quarter earnings season also boosted Wall Street, with some major retailers set to report this week.

Focus was also on negotiations between the U.S. and Russia over a potential peace deal for Ukraine, although Kyiv has not been included in the talks.