US stock futures hit pause on Wednesday after Wall Street markets hit all-time highs, as investors looked to upcoming data for clues to the health of the economy and the chances of another jumbo rate cut.

Futures on the S&P 500 (ES=F) and Dow Jones Industrial Average (YM=F) were little changed on the heels of record closes for both. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell roughly 0.3%.

The modest rally in stocks is stalling as concerns about recession heat up, fanned by a surprisingly weak reading on consumer confidence. Hopes for more jumbo rate cuts from the Fed this year have investors debating whether the economy is robust enough for that level of easing.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

Data-watchers will the latest reading on home sales later on Wednesday. That will lead in to Thursday's second quarter GDP print and Friday's crucial reading on the PCE index — the inflation gauge favored by the Fed.

At the same time, Fed Governor Adriana Kugler's comments later Wednesday for clues to the size and pace of coming rate cuts.

Meanwhile, the boost to markets from China's big stimulus launch faded amid growing skepticism about the steps will be successful in turning around its economy.