U.S. futures rose on Wednesday after a mixed close on Tuesday. Futures of major benchmark indices were trading slightly higher.
After the Nasdaq and S&P 500 scaled new highs for two days, the indices slipped on Tuesday as President Donald Trump's massive tax-and-spending One Big Beautiful Bill Act, passed narrowly in the Senate. The legislation is now set to move to the House of Representatives for potential final approval.
The Senate passed the measure in a 51-50 vote with Vice President JD Vance breaking a tie. The vote followed an all-night debate in which Republicans grappled with the bill's price tag and its impact on the healthcare system.
The 10-year Treasury bond yielded 4.28% and the two-year bond was at 3.79%. The CME Group's FedWatch tool‘s projections show markets pricing an 80.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting.
| Futures | Change (+/-) |
| Dow Jones | 0.10% |
| S&P 500 | 0.08% |
| Nasdaq 100 | 0.05% |
| Russell 2000 | 0.52% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Wednesday. The SPY was up 0.094% at $618.23, while the QQQ advanced 0.049% to $547.26, according to Benzinga Pro data.
Cues From Last Session:
On Tuesday, the materials, health care, and energy sectors led gains on the S&P 500, while information technology and communication services bucked the trend, closing lower.
Overall, U.S. stocks settled mixed, with the Dow Jones index notably gaining during the session as the U.S. Senate approved President Donald Trump's "One Big, Beautiful Bill."
Economic data released on Tuesday showed mixed signals. The number of job openings increased by 374,000 to 7.769 million in May, indicating a stronger labor market.
The ISM manufacturing PMI also showed improvement, rising to 49 in June from 48.5 in the prior month, surpassing market estimates of 48.8.
Conversely, U.S. construction spending saw a decline, falling by 0.3% month-over-month to an annual rate of $2,138 billion in May.
In corporate news, MSC Industrial Direct Co. Inc. (NYSE:MSM) reported stronger-than-expected financial results for its fiscal third quarter of 2025.
The Dow Jones index ended 400 points or 0.91% higher at 44,494.94, whereas the S&P 500 index fell 0.11% to 6,198.01. Nasdaq Composite declined 0.82% to 20,202.89, and the small-cap gauge, Russell 2000, gained 1.03% to end at 2,197.54.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -0.82% | 20,202.89 |
| S&P 500 | -0.11% | 6,198.01 |
| Dow Jones | 0.91% | 44,494.94 |
| Russell 2000 | 1.03% | 2,197.54 |
Insights From Analysts:
Following a volatile first half, the S&P 500 appears poised for continued momentum, according to analysis from Adam Turnquist, the chief technical strategist for LPL Financial.
Historical data spanning back to 1950 suggests a strong bullish precedent for the second half of the year, particularly when the first six months delivered solid gains by the end.
The S&P 500 wrapped up the first half of 2025 with a commendable 5.5% gain, shaking off a deep correction experienced in April. This performance sets the stage for what history indicates could be another period of positive returns.
“Since 1950, the S&P 500 has followed up a positive first-half return with an average second-half gain of 6.1%,” Turnquist notes.
Delving deeper into scenarios akin to the current market environment, Turnquist highlights a particularly encouraging trend. “Furthermore, when first-half gains were within the range of 5–10%, the index also posted an average gain of 6.1% in the second half, with 86% of occurrences producing positive results.”
This statistical backing provides a compelling case for optimism heading into the latter half of the year.
While the historical data points to a generally positive outlook, Turnquist also tempers expectations with a pragmatic reminder.
“Despite the bullish precedent from a positive first half, bull markets are not linear, and pullbacks should be expected in the second half.”
He points out that the average maximum drawdown for the S&P 500 during the second half has been -10.3% since 1950. However, even these potential dips tend to be shallower in scenarios like the present.
“Second-half drawdowns following a first half of 5–10% or higher average only 8.4%,” he concludes, suggesting that while volatility is a possibility, significant downturns may be less likely.
Meanwhile, Ryan Detrick from Carson Research highlighted a historical pattern where the S&P 500, after a negative first quarter and a subsequent 10%+ gain in the second quarter, has shown an average third quarter return of 10.7% and a 19% gain for the rest of the year.
The data from 1990, 2009, and 2025 suggests a potential bullish trend for the second half of 2025, supported by Carson Investment Research analysis.
See Also: How to Trade Futures
Upcoming Economic Data
Here’s what investors will keep an eye on Wednesday:
- June’s ADP employment data will be out by 8:15 a.m. ET.
Stocks In Focus:
- UniFirst Corp. (NYSE:UNF) was up 2.41% in premarket on Wednesday as analysts expect it to report quarterly earnings of $2.09 per share on revenue of $614.51 million, before the opening bell.
- Franklin Covey Co. (NYSE:FC) was 2.03% higher as it is expected to report earnings after market close. Analysts expect it to report a quarterly loss of 4 cents per share on revenue of $67.49 million.
- Greenbrier Companies Inc. (NYSE:GBX) jumped 13.19% after posting stronger-than-expected results for the third quarter after the closing bell on Tuesday. The company posted quarterly earnings of $1.86 per share, beating market estimates of 98 cents per share.
- Constellation Brands Inc. (NYSE:STZ) slipped 1.08% after posting weaker-than-expected earnings for its first quarter and affirming its FY2026 earnings guidance. It reported quarterly earnings of $3.22 per share, which missed the analyst consensus estimate of $3.31 per share.
- Zenvia Inc. (NASDAQ:ZENV) rose 4.70% ahead of its first quarter earnings expected after the closing bell.
- ShoulderUp Technology Acquisition Corp. (NASDAQ:DAIC) surged 224.08% as it announced a corporate action where SUACU shareholders will receive one new share of DAIC and 0.5 shares of DAICW for each old share. This move aims to boost stock performance, liquidity, and future growth.
- Gryphon Digital Mining Inc. (NASDAQ:GRYP) climbed 58.68% as it filed an amended S-4 registration with the SEC for its stock-for-stock merger with American Bitcoin Corp.
- Liminatus Pharma Inc. (NASDAQ:LIMN) gained 9.47% after the company said it regained compliance with Nasdaq’s listing requirements.
- Revelation Biosciences Inc. (NASDAQ:REVB) dropped 14.63% as it announced the implementation of a 1-for-3 reverse split of its common stock following approval at its Special Meeting of Stockholders held on June 23, 2025.
- Unity Biotechnology Inc. (NASDAQ:UBX) declined 12.45% after the company disclosed that Nasdaq plans to delist its stock, citing diminished operations and failure to meet continued listing standards.
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 0.61% to hover around $65.85 per barrel.
Gold Spot US Dollar fell 0.11% to hover around $3,335.36 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.07% at the 96.8900 level.
Asian markets ended on a mixed note on Wednesday, as India's S&P BSE Sensex, South Korea's Kospi, and Japan's Nikkei 225 indices fell. While Hong Kong's Hang Seng, Australia's ASX 200, and China’s CSI 300 indices rose. European markets were higher in early trade.
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