US pre-open: Futures slip as markets pause after recent gains

(Sharecast News) - US stock futures were pointing to a subdued start on Wall Street on Wednesday as investors paused for breath following some big gains so far this week. Futures on the Dow, S&P 500 and Nasdaq were all down 0.1% ahead of the opening bell.

The S&P 500 in particular has gained around 4% over the past two trading sessions on the back of a weekend agreement between the US and China to temporarily lower tariffs as they continue trade negotiations, while US inflation figures for April came in lower than expected. The index finished at 5,886.55 on Tuesday, its highest close since 28 February.

"Significantly, the S&P 500 crept into positive territory for the year - no mean feat given the uncertainties and pressures facing financial markets," said AJ Bell investment director Russ Mould.

"Investors are likely to be looking for further news on US trade deals with the 90-day pause on most reciprocal tariffs set to come to an end in July."

No major economic data is due to for release during Wednesday's session, with the exception of mortgage applications figures from the Mortgage Bankers Association at 0700 ET.

In equity news, Nvidia futures were rising, extending recent gains after the Department of Commerce said it was scrapping the so-called 'AI Diffusion Rule', which imposed restrictions on AI chip exports to certain countries.