US stocks held steady on Wednesday after a record S&P 500 close, with investors eyeing fresh economic data and Federal Reserve minutes for pointers to rate cuts in a holiday-shortened session.
The S&P 500 (^GSPC) traded flat after the benchmark ended Tuesday above 5,500 for the first time. The tech-heavy Nasdaq Composite (^IXIC) was also little changed, while the Dow Jones Industrial Average (^DJI) edged up 0.2%.
Stocks were muted ahead of an early close (1 p.m. ET) to trading on Wednesday and also ahead of the stock market's shutdown on Thursday to mark the Independence Day holiday.
The S&P 500 and Nasdaq Composite hit fresh record closes after Jerome Powell touted progress on cooling inflation. That cemented hopes for an interest-rate cut even as the Fed chair once again signaled a lack of urgency to act. Traders are pricing in 65% odds of a move lower in September, according to CME's FedWatch tool.
Meanwhile, job creation slowed for a third straight month with the US adding just 150,000 new private sector jobs in June, below the 165,000 Wall Street had expected. Pay gains for both job stayers and job changers also slowed.