Dow Jones Futures gained 85 points, or 0.2%, S&P 500 Futures rose 1 point, or 0.1%, and Nasdaq 100 Futures climbed 9 points, or 0.1%

U.S. stock index futures traded in a subdued fashion Tuesday, consolidating after Wall Street clocked a three-day winning streak ahead of a speech by Federal Reserve Chair Jerome Powell.

At 09:55 GMT, Dow Jones Futures gained 85 points, or 0.2%, S&P 500 Futures rose 1 point, or 0.1%, and Nasdaq 100 Futures climbed 9 points, or 0.1%.

The three benchmark indices closed at all-time highs — marking three consecutive winning sessions for the S&P 500 — and recorded fresh intraday records on Monday. This followed the announcement of a $100 billion investment by chip giant Nvidia in ChatGPT-maker and client OpenAI to help build out data centres.

Investors have turned more cautious ahead of a speech by Powell later in the session, with the Fed Chair likely to offer more insight into the central bank’s plans to cut interest rates.

The Fed cut rates by 25 basis points last week and flagged at least two more cuts this year, citing weakness in the labour market. But Powell warned that sticky inflation and resilience in jobs could raise questions over further easing.

A number of Fed members warned on Monday that the central bank’s recent cut diminished the need for further easing, but recently-confirmed Fed Governor Stephen Miran on Monday called for aggressive reductions.

Markets are now placing a roughly 90% chance of a quarter-point reduction in the Fed’s target rate from the current range of 4% to 4.25% at the central bank’s next meeting in October, according to CME’s closely-monitored FedWatch Tool. There is also about a 75% chance of another 25-basis point cut at the following gathering in December.

Aside from Fed speakers, attention will home in on flash U.S. business activity figures for September.

Economists have forecast that S&P Global’s composite purchasing managers index for the month will match August’s reading of 54.6. A level above 50 indicates expansion.

Manufacturing sector PMI is tipped to edge down to 52.2 from 53.0, while the gauge of the services industry – which accounts for much of U.S. output – is projected to inch lower to 54.0 from 54.5.