Futures are little changed

US stock futures are little changed ahead of the market open on Wednesday, after two straight days of rallies to new highs.

At 8:52 a.m. ET, Dow futures are up 25 points (0.14%), S&P 500 futures are up 4 points (0.20%) and Nasdaq futures are up 10 points (0.24%.)

The Dow and S&P 500 closed at record highs on Tuesday as the rally following Friday’s strong jobs report continued.

“With little new news it’s been another decent 24 hours for markets as the concoction of abating Brexit concerns, elevated central bank stimulus expectations and Friday’s reassuring payrolls number proves to be a winning formula for now,” said Deutsche Bank’s Jim Reid in a note on Wednesday.

Japan’s Nikkei was also supported by speculation that the government may introduce a fresh round of fiscal stimulus to support the economy.

Treasurys are rallying. The yield on the benchmark 10-year note is down 3 basis points to 1.476%.

Crude oil is a little lower. On Tuesday, OPEC’s monthly report showed that member countries produced a record amount of oil in June. And, the American Petroleum Institute reported a surprise build in inventories last week by 2.2 million barrels.

West Texas Intermediate crude futures are down 1% to $46.30 per barrel, following a 4% jump on Tuesday.

In US economic data, higher oil prices helped lift import prices by 0.2% month-on-month in June, less than expected.

At 2 p.m. ET, the Federal Reserve will release its Beige Book of economic anecdotes from its districts. The monthly budget statement will also cross then.

Yum Brands, the operator of restaurants including KFC and Taco Bell, will report earnings after the closing bell.

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