US stock index futures were barely changed on Wednesday after cautious action on June 1st.

The threat of inflation is keeping US stocks below but within reach of their all-time highs.

Futures contracts pegged to the Dow Jones Industrial Average added 30 points. S&P 500 futures rose 0.05% and Nasdaq 100 futures traded the flat line.

Stocks tied to the economic reopening were slightly weaker in pre-trading hours. United Airlines and American Airlines stocks declined slightly. Carnival Corp and some retailers were also lower in early trading.

The AMC share rose again and rose by a further 25% in pre-market trading. Meme stock rose 22% Tuesday after raising $ 230.5 million through a stock sale.

On Tuesday, the Dow gained 47 points after rising more than 300 points once. The S&P broke a 3-day winning streak and finished just 2 points. after being shot down to 4 points from its all-time high of 4,238. The Nasdaq Composite was the relative underperformer, down 0.09% for its second negative session of three.

Despite the subdued action, there were some winners during the session, particularly in stocks related to the economic recovery. Airline and cruise company stocks rose as US Covid cases continued to decline.

Fears of inflation and the way the Federal Reserve might react have weighed on sentiment lately, although key averages are still hovering around all-time highs.

“Inflation expectations have also risen above short-term achievements. We believe inflation is on the up and will ultimately surpass the Fed’s targets for a long time,” said Mike Wilson, chief strategist for US stocks at Morgan Stanley. “However, expectations have also risen and are now pricing this increase in many investment markets.”

June has been a weak month for stocks historically, but Instinet points out that the S&P 500 has had a better track record recently, rising every June since 2016.

The S&P 500 and Dow are down 0.8% and 1.5%, respectively, from their May highs. The Nasdaq has a little more ground to make up after a rotation from growth-oriented market areas. The tech-heavy index is currently 3.3% from its all-time high in April.

The markets could be put on hold ahead of Friday’s big job report. According to economists polled by Dow Jones, the US likely added 671,000 non-farm payrolls in May, up from 266,000 jobs added the previous month.

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– with reports from CNBC’s Patti Domm.