US stocks held steady on Wednesday, eyeing fresh record highs ahead of a crucial update on consumer prices that could upend rate-cut hopes and as meme stocks regrouped after a roaring rally. Futures on the Dow Jones Industrial Average and S&P 500 hovered above the flatline. Contracts on the Nasdaq 100 were also little changed on the heels of a new peak for tech stocks.
The release of the Consumer Price Index later Wednesday could test those hopes. After a string of hot data, another surprise from April CPI could spark more worries that an overheating economy will force the Fed to raise rates again, undercutting the case for more gains in stocks and bonds. The headline figure is expected to tick down to 3.4%.
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