Stock futures were in a holding pattern again on Wednesday as investors cautiosuly waited for direction from a number of market-churning events on Thursday.
S&P 500 futures were up 0.04%, Dow Jones Industrial Average futures were flat, and Nasdaq futures rose 0.14%.
Top of the list, the investigation into the Trump campaign's alleged ties with Russia will come back into the spotlight as former FBI director James Comey delivers public testimony on Thursday. Comey, speaking to the Senate Intelligence Committee, will likely touch upon whether President Donald Trump acted improperly in inserting himself into an ongoing investigation.
Trump fired Comey in May while the FBI was investigating the Trump transition team's ties to Russia. News reports indicated that Trump had asked Comey for his loyalty and requested he stop investigating former National Security Adviser Michael Flynn.
Also on Thursday, U.K. citizens will head to the polls as the country continues to mourn terrorist attacks in Manchester and London in the past few weeks. Prime Minister Theresa May holds the lead in the polls over Labor's Jeremy Corbyn. The results will likely not be fully tabulated until Friday morning in London.
Also on Thursday, the European Central Bank will announce a decision on monetary policy. Improving economic data in the eurozone could affect members' growth forecasts for 2017 and 2018.
The wait for clarity on these events has left markets with little reason to push equities further into record territory. Stocks have fallen for the past two days after notching new records late last week.
Early Wednesday, Trump nominated former Justice Department official Christopher Wray as the next FBI director. Trump called Wray a "man of impeccable credentials" in his Twitter announcement. Wray previously served as assistant attorney general under President George W. Bush.
The economic calendar in the U.S. on Wednesday is fairly quiet with just the weekly Petroleum Status Report from the Energy Information Administration out at 10:30 a.m. EDT.
Dave & Buster's (PLAY) - Get Dave & Buster's Entertainment Inc. Report slid 4% in premarket trading despite a better-than-expected quarter. The gaming restaurant chain earned an adjusted 87 cents a share, 6 cents above consensus. Revenue of $301.1 million came in $1 million higher than expected.
Ambarella (AMBA) - Get Ambarella Inc. Report fell 4% after issuing a disappointing forecast. The camera parts maker estimates current-quarter sales of $69 million to $72 million, below consensus of $72.3 million. Its gross margin is expected to fall to 62% to 63.5% from the first-quarter's 64.3%.
Other earnings of note include Analogic (ALOG) , Sigma Designs (SIGM) , United Natural Foods (UNFI) - Get United Natural Foods Inc. Report , Dollarama (DOL) - Get WisdomTree International LargeCap Dividend Fund Report and Brown-Foreman (BF.A) - Get Brown Forman Inc Class A Report .
Novavax (NVAX) - Get Novavax Inc. Report increased 6% in premarket trading following positive results from a vaccine trial. The mid-stage clinical trial was for a maternal vaccination to prevent babies from suffering severe lower respiratory tract infections. "The Western Blot data suggest the potential to protect both the pregnant mothers and their infants from RSV disease," said President of research and development Dr. Gregory Glenn.
European stocks traded mixed on Wednesday after Spain's Banco Santander (SAN) - Get Banco Santander S.A. Sponsored ADR (Spain) Report acquired struggling Spanish lender Banco Popular (BPESY) for €1 in a move orchestrated by the ECB.