Snowflake Soars on AWS Deal; Inflation Data Looms

U.S. stock futures remained relatively stable Wednesday night, with traders closely watching for the release of a crucial inflation report. Snowflake's stock price jumped 30% in after-hours trading after the company revealed a five-year, $6 billion investment in Amazon Web Services. This significant development coincided with Snowflake's announcement of exceeding first-quarter earnings and revenue expectations.

Earlier on Wednesday, a dip in oil prices influenced market movements, helping the Dow Jones Industrial Average reach new intraday and closing records. The S&P 500 also achieved a record close, while the Nasdaq Composite saw a modest increase. Reports indicated progress in talks with Iran, leading to the decline in oil prices, though the White House denied specific reports about a memorandum of understanding.

Market participants are now focused on the upcoming release of April's personal consumption expenditure index, the Federal Reserve's preferred inflation gauge, especially with the new Fed chair at the helm. Economists project moderate increases for both the overall index and its core measure. Meanwhile, analysts suggest that a rotation out of heavily stretched technology stocks into other market sectors may be likely for the remainder of the summer.