S&P 500 Looks to Build on Record Highs

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

U.S. stock-index futures drifted higher on Wednesday, signaling the broad S&P 500 could climb deeper into record territory.

Continue Reading Below

Today's Markets

As of 7:50 a.m. ET, Dow Jones Industrial Average futures rose 21 points, or 0.13%, to 16675, S&P 500 futures advanced 2.8 points, or 0.14%, to 1912 and Nasdaq 100 futures rose 6.2 points, or 0.17%, to 3727.

The volatility on Wall Street this winter seems almost quaint now as temperatures warm up, the economy normalizes, volatility drops and the S&P 500 finds itself right back at its record highs. The broad-market barometer is up just north of 3% for year, however, meaning its far from the blockbuster growth experienced last year. Meanwhile, volume has been very light over the past few weeks as traders prepare for the traditional summer lull.

The U.S. data docket is bare on the day, following a round of mostly upbeat news on Tuesday. Some traders eyed disappointing data from Germany. The unemployment total in Europe's powerhouse economy actually increased in May, confounding economists who expected the tally to dip.

On the corporate front, Google (NASDAQ:GOOG) revealed details on its driverless car that lacks conventional items such as a steering wheel. The project isn't expected to be a major profit driver -- at least in the short term -- but it captured attention on a quiet news day.

Valeant (NYSE:VRX) upped its offer to buyout botox maker Allergan (NYSE:AGN) to about $50 billion.

Elsewhere, U.S. crude oil futures rose 4 cents, or 0.03%, to $104.15 a barrel. Wholesale New York Harbor gasoline fell 0.14% to $2.99 a gallon. Gold was little changed at $1,265 a troy ounce.

What do you think?

Click the button below to comment on this article.