US stock index futures barely changed on Wednesday after being subdued on the first day of June.
Futures contracts pegged to the Dow Jones Industrial Average added 44 points. S&P 500 futures rose 0.05% and Nasdaq 100 futures traded the flatline.
Stocks tied to the economic reopening were slightly weaker in pre-trading hours. United Airlines and American Airlines stocks declined slightly. Carnival Corp and some retailers were also lower in early trading.
The AMC share rose again and rose by a further 25% in pre-market trading. Meme stock rose 22% Tuesday after raising $ 230.5 million through a stock sale.
On Tuesday, the Dow gained 47 points after rising more than 300 points once. The S&P broke a 3-day winning streak and finished just 2 points. The Nasdaq Composite was the relative underperformer, down 0.09% for its second negative session of three.
Despite the subdued action, there were some winners during the session, particularly in stocks linked to the economic rebound. Airline and cruise company stocks rose as US Covid cases continued to decline.
Fears of inflation and the way the Federal Reserve might react have weighed on sentiment lately, although key averages are still hovering around all-time highs.
"The markets remain strong," said Cliff Hodge, Cornerstone Wealth's chief investment officer. "Economic growth is robust, monetary conditions remain extremely simple and consumers are filled with cash from the economic stimulus when the virus cases fall and the economy reopens."
The S&P 500 and Dow are down 0.8% and 1.5%, respectively, from their May highs. The Nasdaq has a little more ground to make up after a rotation from growth-oriented market areas. The tech-heavy index is currently 3.3% from its all-time high in April.
Energy was the top performing S&P 500 group on Tuesday after oil prices rose, pushing West Texas Intermediate's crude oil futures to their highest level in more than two years.
The markets could be put on hold ahead of Friday's big job report. According to economists polled by Dow Jones, the US likely added 671,000 non-farm payrolls in May, up from 266,000 jobs the previous month.
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