Stock futures were lower on Wednesday, which has seen stock prices rise since mid-June, poised for a break.
Futures for the Dow Jones industrial average fell 185 points, or 0.54%. S&P 500 futures and Nasdaq 100 futures fell 0.73% and 0.81%, respectively.
The Dow posted its fifth straight day of gains on Tuesday. Meanwhile, the S&P 500 is headed for its fifth consecutive positive week as investors continue to gauge the strength of this rally. The broader market index is up 18% from June’s low.
“This market is very resilient,” Brian Talkington, managing partner of Requisite Capital Management, said on CNBC’s “Closing Bell: Overtime.” “As we approach revenue, returns will average 7%.”
Although giving her “a big break” in this market, the Federal Reserve and its plans to continue raising rates and reducing the size of its balance sheet. “Incomes are still strong, but … the central bank’s balance sheet hasn’t changed,” he said.
Traders were looking forward to the release on Wednesday US retail sales data in the morning. Later in the afternoon, the Federal Reserve is set to release the minutes of its latest meeting.
In addition, Wall Street is drilling through corporate earnings from the retail sector. Walmart and Home Depot reported Tuesday, while Lowe’s and Target reported earnings Wednesday morning.