Stock market today: S&P 500, Nasdaq hover near record highs ahead of retail sales data

　　US stock futures held near record highs, largely hitting pause in muted premarket trading before the week's economic data highlight: the release of May's retail sales numbers.

　　S&P 500 (^GSPC) futures hovered around the flatline after the benchmark index secured its 30th record close of 2024. Futures tied to the Nasdaq Composite (^IXIC) rose 0.2% as the tech-heavy index looked to build on a sixth-straight record close. Futures on the Dow Jones Industrial Average (^DJI) were down 0.1%.

　　Techs are continuing to lead an AI-driven rally that, as Yahoo Finance's Myles Udland writes, investors simply can't afford to miss out on. The enthusiasm is leading several Wall Street banks to chase their year-end S&P targets higher, with one strategist saying the AI revolution is still in its “early innings.”

　　That enthusiasm could be (perhaps briefly) put to the test — or at least a back burner — as a look into the health of the US consumer takes the spotlight. Retail sales were flat in April, and investors will be looking for whether that slowdown continues. Economists are expecting a 0.3% headline gain for May's sales.

　　Also in focus will be a roster of chatty Fed officials who could offer more signals on the path of interest rates. So far the message after last week's rate decision and forecast update has been clear: Expect one rate cut in 2024. Investors seemingly haven't yet taken this to heart, with over 60% still expecting two cuts by the end of the year, according to the CME FedWatch tool.