S&P futures traded in a narrow 8 point range near all-time highs as a lack of clear catalysts kept trading slow, with investors awaiting fresh cues from inflation data this week and an upcoming Federal Reserve meeting. 10Y TSY yields dropped below 1.50% for the first time since May 7 amid a plunge in odds that Biden’s reflationary infrastructure program will pass, and easing fears that tomorrow’s CPI print will smook markets. At 07:15 a.m. ET, S&P 500 E-minis were up 3.25 points, or 0.08%, Dow E-minis were down 37 points, or 0.1%, while Nasdaq 100 E-minis were up 40 points, or 0.29%. The dollar dropped against all of its G10 peers.

On Tuesday, U.S. stocks closed within a hair’s breadth of a record high and Treasuries rose as investors debated the impact of resurgent inflation on monetary policy. “Investors are likely to be in a wait-and-see mode,” said Mitsushige Akino, a senior executive officer at Ichiyoshi Asset Management. “People will want to check how market expectations over the Fed’s policies change and how yields, whose upside has been capped recently, move following the U.S. CPI data.”

Despite broadly muted overnight trading, meme stocks ContextLogic and Clover Health had double-digit gains in premarket trading, extending a huge jump on Tuesday after a discussion of a potential short squeeze. Chamath’s Clover Health has emerged as the new social media favorite, surging 17% in premarket trade after jumping 85% to a record high on Tuesday. Meanwhile, the original meme stonk, GameStop, rose 2.4% ahead of its quarterly results, due after the bell while AMC dropped 5%. Here are some of the biggest U.S. movers today:

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