Stock market today: S&P 500 futures stall in cautious wait for jobs revision, Fed minutes

US stock futures stalled on Wednesday after markets’ roaring comeback hit the buffers, as investors waited for Federal Reserve minutes and jobs data revisions likely to shape bets for interest-rate cuts.

S&P 500 futures () were little changed after the benchmark index closed slightly lower to snap an eight-day winning streak. Futures on the Dow Jones Industrial Average () and the tech-heavy Nasdaq 100 () also hovered around the flatline.

Stocks’ recovery from an early August sell-off is faltering as focus intensifies on the labor market as a factor in the Fed’s policy making, given inflation seems to be subsiding.

Investors are treading cautiously ahead of Jerome Powell’s appearance at the Jackson Hole symposium on Friday. Expectations for a September rate cut are running high, and his comments will be closely watched for signs a 0.5% reduction is on the table.

Meanwhile, the market is bracing for Wednesday’s preliminary revisions to labor data for the year through to March. Wall Street analysts expect big downward moves, with Goldman Sachs seeing as much as a million jobs knocked off previously reported payrolls growth — which would make a case for the Fed to lower rates.

The minutes from the Fed’s July meeting due later will also be scrutinized for insight into the likelihood and magnitude of a lowering in borrowing costs next month.

In corporates, Walmart (WMT) confirmed it has shed its stake in JD.com (JD, 9618.HK), raising about $3.6 billion in the sale. The Chinese e-commerce giant’s shares tumbled in Hong Kong, spurring a slump in Chinese techs, while its US-listed stock sank 7% in premarket trading.

Another window into the retail sector comes in earnings from Target (TGT) and Macy’s (M), both expected before the bell.