US stock futures trod water on Wednesday as investors looked to the latest Federal Reserve minutes to provide insight into the economy amid a shutdown-driven dearth of data.

Futures on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-dominated Nasdaq 100 (NQ=F) all hovered above the flat line.

The minutes from the Fed's September meeting due later in the day could offer new clues about the central bank’s internal divisions and the outlook for interest rates as the government shutdown deprives policymakers of key economic data.

Last week, the September jobs report wasn't released as scheduled by the Bureau of Labor Statistics. The figures would normally give investors a sense of the Fed's next moves, considering the labor market plays a central role in its policy decisions.

On Tuesday, all three major averages ended lower after reports of weaker-than-expected cloud margins at Oracle fueled fresh concerns about AI. The declines marked the end of a seven-day long winning streak for both the S&P 500 (^GSPC) and Nasdaq (^IXIC).

Gold (GC=F) futures continued to rise after topping $4,000 an ounce mark for the first time on Tuesday, marking a doubling in value in just two years. Prices have pushed higher amid fears over the US economy, accelerated recently by the federal government shutdown.

The federal stoppage, now in its seventh day, continues to breed uncertainty. So far, no end to the gridlock in Washington is in sight with President Trump backing Republicans' stance that no negotiations will be made with Democrats on the healthcare subsidies they hope to extend until the government is reopened. At the same time, Trump has threatened to withhold back pay for furloughed Federal workers.

Gold (GC=F) notched a new record high just below $4,000 as futures pushed over the mark for the second time this week.

Bloomberg reports:

Bullion rose as high as $3,992.27 an ounce, after adding 0.6% in the previous session. December futures in New York — the most active contract — also nudged higher, after surpassing $4,000 for the first time on Tuesday.

Investors were monitoring signs that the ebullience driven by artificial intelligence may have reached excessive levels, after a report that Oracle Corp.’s cloud margins are lower than many estimate. The US shutdown has also delayed key data, muddying the outlook for the Federal Reserve’s rate-cutting path, while a political crisis in France and a change of leadership in Japan are adding to the uncertainty.

Gold has soared more than 50% this year as President Donald Trump shook up trade and geopolitics, with prices on track for the biggest annual gain since 1979. Central banks have been enthusiastic buyers, while the Fed’s rate cut last month spurred investors to pile into gold-backed exchange-traded funds — with September registering the strongest monthly inflows on record, according to the World Gold Council.

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