Aug 25 - U.S. stock index futures were steady on Wednesday after another record for the S&P 500 and Nasdaq, while investors watched progress in the government's multi-trillion-dollar investment plans
Department store operator Nordstrom Inc was a notable mover premarket, sliding 11.4% after quarterly revenue declined 6% from prepandemic levels and the company flagged supply chain issues and stiff competition.
Major Wall Street lenders were mixed, while industrials including Caterpillar Inc. and 3 M Co inched up about 0.3% after the Democratic-controlled U.S. House of Representatives approved a $3.5 trillion budget framework and agreed to vote on a $1 trillion Senate-passed infrastructure bill by September 27.
The S&P 500 set its 50th high close of this year on Tuesday as mixed news on COVID-19 vaccines raised hopes of a rapid economic recovery after positive data recently.
The focus is now on the federal reserve's annual economic symposium at Jackson Hole on Friday for views on when the central bank will start with its massive asset purchases program.
The market's interpretation of the eventual announcement is much more likely to be dictated by how slowly purchases are unwound, not whether they begin in November or December, said Hugh Gimber, global market strategist at J.P. Morgan Asset Management.
Equity markets continue to cheer the amount of liquidity in the system, but Fed will not be blind to longer-term risks of policy that is too supportive for too long.
Reuters calculations showed that global corporate profits will fall for the first time in 18 months after record earnings in April-June.
ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-mins were up 0.75 points, or 0.02%, and Nasdaq 100 e-minis were down 2 points, or 0.01%.
Report of Commerce Department, due at 8: 30 a.m. ET, is expected to show durable goods fell 0.3% in July after rising 0.9% in June.
Shares of several retail trading darlings, including GameStop, AMC Entertainment and Koss Corp rose between 1.4% and 4.8%, a day after trading more than $.25 billion in losses to short sellers in no apparent news.
Campbell Soup Co fell 1.2% after Piper Sandler slid in the Prego pasta sauce to neutral from overweight.