Traders work on the floor of the New York Stock Exchange (NYSE) on May 19, 2025 in New York City.
Spencer Platt | Getty Images News | Getty Images
S&P 500 futures wavered early Wednesday following a losing session on Wall Street that snapped a winning streak.
Futures tied to the broad index shed 0.3%, as did Nasdaq 100 futures. Dow Jones Industrial Average futures lost 120 points, or 0.28%.
Tuesday night’s action comes after a tough session for the three major averages. The S&P 500 ended a six-day win streak, while the Nasdaq Composite saw its first negative day in three. The Dow fell more than 100 points, breaking a three-day positive streak.
That marks a pullback amid a major recovery rally for U.S. equities. Investors had been cheering progress on trade deals following President Donald Trump’s announcement of broad and steep tariffs last month.
All three major averages are still above where they traded on April 2, the day Trump unveiled his import tax policy. The S&P 500 is now up on the year, a sharp reversal after at one point falling on an intraday basis into bear market territory, a term referring to a decline of at least 20% from a recent high.
“The equity market’s recovery over the past month has been extraordinary in terms of both speed and scale,” said Kristian Kerr, head of macro strategy at LPL Financial. “While it may be tempting to interpret this powerful rally as a definitive signal that risks have subsided, the reality is that plenty of uncertainty remains.”
Investors are continuing to monitor Washington, D.C, for updates on the budget bill and the federal deficit. There is no economic data of note expected on Wednesday.
Traders will also parse a plethora of corporate earnings slated for Wednesday. Lowe’s, Target, Canada Goose and TJX Cos. are all expected before the bell, followed by Snowflake after the market closes.