Stock market today: US futures stall as investors keep watchful eye on economy

US stock futures hit pause on Wednesday after Wall Street markets hit all-time highs, as investors looked to upcoming data for clues to the health of the economy and the chances of another jumbo rate cut.

Futures on the S&P 500 (ES=F) and Dow Jones Industrial Average (YM=F) were little changed on the heels of record closes for both. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell roughly 0.3%.

The modest rally in stocks is stalling as concerns about recession heat up, fanned by a surprisingly weak reading on consumer confidence. Hopes for more jumbo rate cuts from the Fed this year have investors debating whether the economy is robust enough for that level of easing.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

Data-watchers get the latest reading on home sales to scour for more insight later on Wednesday. But the spotlight is firmly on Thursday's second quarter GDP print and Friday's crucial reading on the PCE index — the inflation gauge favored by the Fed.

The parade of Fed speakers continues with Governor Adriana Kugler, whose comments will likewise be scrutinized for insight into the size and pace of coming rate cuts when she appears later Wednesday.

Meanwhile, the boost to markets from China's big stimulus launch faded amid growing skepticism about the steps will be successful in turning around its economy.