Stocks Flat as Fed Minutes Loom; Moderna, Merck Soar on Positive Trial Results

U.S. stock futures were mostly flat on Wednesday after three consecutive declines, as investors sought stability following a sharp selloff in tech and semiconductor stocks.

The pressure stems from rising Treasury yields and concerns that high AI valuations may be vulnerable to higher financing costs.

The Federal Reserve's July meeting minutes are due at 2 p.m. ET and could provide clues about the debate within the FOMC following a weak July employment report and contained inflation data, which have increased expectations for a September policy shift.