US stocks aimed for another positive day on Wall Street after markets hit their latest 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.

The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) opened higher on the heels of record closes for both major indexes, rising about 0.1% and 0.2%, respectively. The tech-heavy Nasdaq Composite (^IXIC) hugged the flatline.

The question now becomes whether or not the US economy could find itself in a recession, with concerns fanned by a surprisingly weak reading on consumer confidence. The debate centers on whether the Federal Reserve lowered rates by a bigger-than-usual 0.5% in response to a slowing economy, and what further malaise means for another hoped-for deep cut.

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

Mortgage applications jumped to the highest level since 2022, according to MBA data released before the bell. The growth was driven by homeowners seeking to refinance loans as rates drop.

Data-watchers get the latest reading on home sales to scour for more insight later on Wednesday. But the spotlight is firmly on Thursday's second quarter GDP print and Friday's crucial reading on the PCE index — the inflation gauge favored by the Fed.

The parade of Fed speakers continues with Governor Adriana Kugler, whose comments will likewise be scrutinized for insight into the size and pace of coming rate cuts when she appears later Wednesday.

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.