In the S&P 500, Analog Devices ADI took the lead with a gain of more than 4% while Target TGT weighed on the benchmark index with a loss of nearly 7%. The retailer triggered a sell rule by falling below its 50-day moving average in heavy volume and remained around 60% below its all-time high of 268.98.

Stock futures are pointing to a slightly lower open for major indexes on Wednesday as investors respond to a slew of earnings reports from retailers and brace for a big speech later in the week by Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average is outpacing the other indexes on Tuesday, potentially on its way to a new record. The Dow was trading at 45,176.19, up about 0.6% on Tuesday. Part of this bump was due to the jump in shares from Home Depot.

The Dow Jones index dropped ahead of Friday's speech from Fed Chair Jerome Powell. Amazon and Meta stock fell Monday.

US stocks were mixed on Friday as Wall Street tempered its rate-cut hopes amid economic data this week that showed higher-than-expected wholesale inflation and a rise in July retail sales. A meeting between President Trump and Russian President Vladimir Putin was also in focus as traders looked for clues on how the outcome could steer markets.

Stock futures are slightly higher Friday morning, putting major indexes on track for new records, as investors await the release of several economic reports.

The Dow rose 0.7%, or more than 325 points. The S&P 500 gained 0.1% and the tech-heavy Nasdaq composite traded nearly flat, trimming stronger gains. The S&P 500 and the Nasdaq closed at record highs on Tuesday as traders pushed rate-cut odds to 99% for the Federal Reserve's September meeting following July inflation and employment data.