Stock Futures on Pause After Wall Street's Record-Making Run

New York (July 13)  Stock futures were making smaller moves higher on Wednesday as Wall Street took a pause after two days of record-making runs.

S&P 500 futures were up 0.07%, Dow Jones Industrial Average futures climbed 0.04%, and Nasdaq futures added 0.15%.

Wall Street extended a rally into day three on Tuesday, pushing the S&P 500 and Dow to clinch new record closing highs. The S&P 500 secured a record close of 2,152.14, its second day of record closes. The Dow climbed to 18,347.67, breaking a previous all-time record from May last year.

It's been three weeks since the United Kingdom voted to exit the European Union and Wall Street has erased all Brexit-related losses. British Prime Minister David Cameron will step down from his role on Wednesday, leaving the post to incoming PM Theresa May.

Crude oil pulled back from its highest levels in roughly a week on Wednesday after the International Energy Agency warned in its monthly report that ballooning inventories could threaten the "recent stability of prices." Output in the Middle East has risen, while production in the U.S. has shrunk, creating a short-term balance in supply.

West Texas Intermediate crude oil fell 1.5% to $46.12 a barrel on Wednesday.

The "Beige Book," out Wednesday afternoon, will present an anecdotal read on how the 12 Federal Reserve districts are faring. The upcoming release covers information collected over the six weeks from mid-May to the end of June. The last Beige Book, released at the beginning of June, characterized economic growth in the 12 districts as modest.

The outcome of the Brexit vote has increased uncertainty over the U.S. economic outlook, Cleveland Fed President Loretta Mester said on Tuesday. Mester also noted the Fed has the ability to pause before determining the next interest-rate move.

Source: TheStreet