The S&P 500 flirts with a record as U.S. stock-market investors return from a three-day weekend, awaiting minutes from the Federal Reserve's January meeting and data due later this week.

Stock futures pointed lower Wednesday morning as investors watched for fresh insights from the Federal Reserve and evaluated the latest tariff proposals from President Donald Trump, which could mean a 25% import tax on automobile,

Helping to support the fervor has been strong profit reports from Entergy and other big U.S. businesses. Companies in the S&P 500 are on track to deliver nearly 17% growth in their earnings per share for the final three months of 2024, compared with a year earlier. That would be the best growth since 2021, according to FactSet.

U.S. equity futures edged modestly lower Wednesday, while Treasury yields and the dollar moved higher, as investors paused a record-setting rally on Wall Street amid renewed tariff and inflation concerns.

Not only did the S&P 500 finish Friday within spitting distance of its record, but the market continues to broaden beyond the Magnificent Seven — a group that’s accounted for about three-quarters of the benchmark’s annual returns for the last two years.