Stock Market Update

Equity futures continue pointing to a modestly lower start after yesterday's record finish in the S&P 500 and Nasdaq.

The market will not receive any economic data ahead of the open, but a few reports will follow during the first couple hours of action with the final S&P Global U.S. Manufacturing PMI (prior 52.0) set to be released at 9:45 ET, followed by May Construction Spending (Briefing.com consensus -0.2%; prior -0.4%), May job openings (prior 7.391 mln), and June ISM Manufacturing Index (Briefing.com consensus 48.8%; prior 48.5%) at 10:00 ET.

Fed Chairman Powell will take part in a panel discussion organized by the European Central Bank at 9:30 ET, but the likelihood of him offering market-moving commentary is fairly low. Instead, he is likely to reiterate that the Fed is in a good place to respond to changes in the economy.

Meanwhile in Washington, Senate Republicans are still trying to get the last few holdouts to join the vote in favor of the big reconciliation package, but the timeline is uncertain.