Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 in New York City.
Michael M. Santiago | Getty Images
U.S. stock futures fell Wednesday as Wall Street resumed a holiday-shortened week.
Dow Jones Industrial Average futures fell by 93 points, or 0.3%. S&P 500 and Nasdaq-100 futures dipped 0.3% and 0.4%, respectively.
Markets were closed Tuesday for the Fourth of July holiday. They closed early Monday.
Investors are coming off a positive session Monday, which kicked off the start of a new month, quarter and half-year for traders. Stocks rose slightly during the shortened trading day, with the Dow Jones Industrial Average adding 10.87 points, or 0.03%. The S&P 500 rose 0.12%, while the Nasdaq Composite closed 0.21% higher.
Those gains built on a strong start to the year. Last week, the Nasdaq closed out its best first half of the year since 1983, while the S&P 500 notched its best first-half advance since 2019, as a surge in interest in artificial intelligence buoyed investor optimism in stocks. The Dow Jones Industrial Average was the laggard, rising just 3.8%.
“We’ve been bullish. We still think there’s a rally,” Carson Group’s Ryan Detrick told CNBC’s “Closing Bell” on Monday, adding, “Maybe we’re due for a pullback sometime August, September, October — perfectly normal — but we’d be a buyer of any weakness.”
On the economic front, traders are watching for May factory orders data out Wednesday after the market open. Economists polled by Dow Jones are anticipating a rise of 0.6%, which would be greater than the 0.4% increase the previous month.
Investors are also expecting June’s Federal Reserve meeting minutes at 2 p.m. ET, which could shed some light on the path for interest rate hikes going forward.
Elsewhere, New York Fed President John Williams is expected to speak at 4 p.m. ET at the 2023 Annual Meeting of the Central Bank Research Association (CEBRA) in New York City.