US stock futures rose slightly in overnight trading, pointing to gains on Wednesday's open after the S&P 500 closed for the first time in eight days.
Dow futures were 54 points higher. The S&P 500 and Nasdaq-100 futures were also in positive territory.
After the bell on Tuesday, President Donald Trump said the U.S. government would buy 100 million doses of Moderna's experimental coronavirus vaccine, which is currently in late-stage human trials.
Previously, former Vice President and presidential candidate Joe Biden announced that California Senator Kamala Harris would join him on the Democracy ticket.
A return in risk appetite after encouraging economic data and hopes for a new coronavirus rescue package and even a vaccine boosted the 500-share index for much of Tuesday's trading day. However, the S&P 500 ended the day 0.8% – a seven-day winning streak – as technology stocks fell.
The S&P 500 has risen more than 52% since its March low and is 1.8% above its record high.
The Dow Jones Industrial Average fell more than 100 points but traded above 28,000 for the first time since February. Stocks that benefit from the reopening of the economy and a Covid-19 vaccine were able to cap average losses.
The Nasdaq Composite underperformed, down 1.7% as investors switched from technology stocks. Netflix, Microsoft, Amazon, Facebook, Alphabet, and Apple all closed lower.
Sentiment rose earlier in the day when local news outlets reported that Russian President Vladimir Putin was claiming the country had given government approval for the world's first Covid-19 vaccine.
"A combination of the S&P 500 index, which made its first real attempt to hit a record high in seven straight days. His old leadership position – technology and FANNGs – continues the recent trend of struggling and one more day without agreement or even renewed Talks in DC about a new stimulus package have finally caught up with the stock market, "Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. "The first signs of trouble today brought a lot of sales from investors eager to make recent gains."
Investors are also juggling uncertainty about a second coronavirus stimulus bill. Over the weekend, Trump signed four executive orders to extend aid to coronavirus. Treasury Secretary Steven Mnuchin said Monday the White House was open to resuming coronavirus relief talks with Democrats and putting more aid money on the table to reach a compromise.
The Ministry of Labor will release key inflation data on Wednesday at 8:30 a.m.CET. Economists polled by Dow Jones expect the consumer price index to rise 0.3% in July, after rising 0.6% in June. The core CPI is expected to rise 0.2%, or 1.2% on a yearly basis, according to the Dow Jones.
The winning season continues on Wednesday. Cisco Systems, Lyft and SmileDirectClub will all report after the closing bell.
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