Traders
work
on
the
floor
at
the
New
York
Stock
Exchange
on
June
24,
2024.
Brendan
McDermid
|
Reuters
U.S.
stock
futures
traded
near
the
flatline
Tuesday
night
after
the
S&P
500
closed
above
5,500
for
the
first
time.
Futures
tied
to
the
S&P
500
inched
down
0.1%.
Dow
Jones
Industrial
Average
futures
and
Nasdaq
100
futures
were
marginally
lower.
Paramount
Global
shares
popped
nearly
7%
in
extended
trading
following
reports
from
The
Wall
Street
Journal
and
The
New
York
Times
that
Skydance
Media
has
reached
a preliminary
agreement to
buy
National
Amusements,
the
entertainment
giant’s
controlling
shareholder.
During
Tuesday’s
main
trading
session,
the
broad
market
index
rose
0.62%
to
close
above
5,500
for
the
first
time.
The
Nasdaq
Composite
advanced
0.84%
to
close
at
a
record,
and
the
30-stock
Dow
rose
0.41%.
As
the
S&P
500
continues
to
climb,
concern
is
growing
across
Wall
Street
that
the
narrow
leadership
of
the
rally
is
not
sustainable
for
much
longer.
The
question
of
when
the
Federal
Reserve
will
start
cutting
rates
is
also
weighing
upon
investors.
Speaking
at
a
central
bank
forum
on
Tuesday,
Fed
Chair
Jerome
Powell
said
that
while
the
central
bank
has
made
some
progress
in
reducing
inflation,
it
is
not
quite
ready
to
lower
rates.
Scott
Chronert,
Citi
Research
head
of
U.S.
equity
strategy,
thinks
a
pullback
may
be
imminent
in
the
coming
months.
“Our
concern
is
that
the
market
is
beginning
to
price
in
a
growth
expectation
that
may
be
difficult
for
companies,
one
by
one,
to
meet,
particularly
given
the
ongoing
strain
that
we’re
seeing
on
underlying
economic
conditions,”
he
said
on
CNBC’s
“Closing
Bell”
on
Tuesday.
“Combine
that
with
strong
flows
into
the
mega
cap
growth
tech
and
core
arena
and
a
euphoric
sentiment
read
—
all
suggest
to
us
that
we
do
have
to
be
prepared
for
a
pullback
at
some
point
as
the
summer
unfolds,”
Chronert
added.
Several
new
economic
data
points
are
scheduled
for
release
on
Wednesday
ahead
of
the
Fourth
of
July
holiday.
ADP’s
private
payrolls
data
for
June
is
due,
as
are
weekly
jobless
claims
figures.
The
U.S.
trade
deficit
balance
for
May,
while
the
S&P
Global
U.S.
Services
Purchasing
Managers
Index
and
the
ISM
Non-Manufacturing
PMI
readings
for
June
are
due.
Minutes
from
the
policy-setting
Federal
Open
Market
Committee’s
June
meeting
will
be
released
in
the
afternoon.
The
New
York
Stock
Exchange
closes
early
at
1
p.m.
ET
on
Wednesday
and
will
be
shut
on
Thursday
for
Independence
Day.
