S&P 500 and Nasdaq Futures Rise Ahead of Key Federal Reserve Remarks

Futures for the S&P 500 and Nasdaq climbed as major stocks increased in premarket trading. The market anticipates Federal Reserve Chair Jerome Powell's comments and key economic events for further direction. Both indices set record highs earlier, with Nvidia and Tesla showing positive premarket activity.

S&P 500 and Nasdaq futures saw gains early Wednesday as heavily weighted stocks rose during premarket trading, ahead of anticipated remarks by Federal Reserve Chair Jerome Powell and other key events scheduled for later in the week.

In the previous session, both indices achieved record high closes, continuing a multi-day streak of gains. Nvidia's stock rose by 1.0% and Tesla edged up by 0.10% in premarket trading after HSBC increased its price target for the EV maker. Tesla also completed its 10th straight session of gains.

Federal Reserve Chairman Jerome Powell stated that the U.S. economy is no longer overheated, suggesting potential interest rate cuts in September, although he did not confirm any timeline. Powell is set to address the House Financial Services Committee later today. Other Fed officials, namely Austan Goolsbee, Michelle Bowman, and Lisa Cook, are also expected to speak throughout the day.

(With inputs from agencies.)