Stock market today: S&P 500, Nasdaq futures rise ahead of Fed minutes, jobs review

US stocks were poised for small gains on Wednesday after snapping their longest win streak this year, as investors waited for Federal Reserve minutes and jobs data likely to shape bets for interest-rate cuts.

S&P 500 futures ( ES=F ) were up roughly 0.2% after the benchmark index closed slightly lower to snap an eight-day winning streak . Futures on the Dow Jones Industrial Average ( YM=F ) and the tech-heavy Nasdaq 100 ( NQ=F ) were also both up about 0.2%.

Stocks are eyeing a return to recovery from an early August sell-off as focus intensifies on the labor market as a factor in the Fed's policy making, given inflation seems to be subsiding .

Meanwhile, quarterly reports from Target ( TGT ) and Macy's ( M ) shed light on the retail sector and the consumer before the bell. Target shares jumped after its earnings blew past Wall Street targets, but Macy's shares sank after the retailer posted a sales drop .

But overall, investors are treading cautiously ahead of Jerome Powell's appearance at the Jackson Hole symposium on Friday. Expectations for a September rate cut are running high, and his comments will be closely watched for signs a 0.5% reduction is on the table.

On Wednesday, the market is bracing for preliminary revisions to labor data for the year through to March. Wall Street analysts expect big downward moves , with Goldman Sachs seeing as much as a million jobs knocked off previously reported payrolls growth — which would make a case for the Fed to lower rates.

The minutes from the Fed's July meeting due later will also be scrutinized for insight into the likelihood and magnitude of a lowering in borrowing costs next month.

Elsewhwere in corporates, Walmart ( WMT ) confirmed it has shed its stake in JD.com ( JD , 9618.HK ), raising about $3.6 billion in the sale. The Chinese e-commerce giant's shares tumbled in Hong Kong, spurring a slump in Chinese techs, while its US-listed stock sank 7% in premarket trading.