The major U.S. index futures are currently pointing to a slightly lower open on Wednesday, with stocks likely to give back ground after ending the previous session mostly higher.

Traders may look to cash in on yesterday’s gains, which lifted the Nasdaq and the S&P 500 to new record closing highs. The S&P 500 closed above 5,500 for the first time ever.

Concerns about the outlook for the economy may also weigh on the markets after payroll processor ADP released a report showing private sector employment in the U.S. increased by slightly less than expected in the month of June.

ADP said private sector employment climbed by 150,000 jobs in June after rising by an upwardly revised 157,000 jobs in May.

Economists had expected private sector employment to increase by 160,000 jobs compared to the addition of 152,000 jobs originally reported for the previous month.

“Job growth has been solid, but not broad-based,” said ADP chief economist Nela Richardson. “Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”

With the more closely watched monthly jobs report looming, the Labor Department also released a report showing a modest increase by first-time claims for U.S. unemployment benefits in the week ended June 29th.

The report said initial jobless claims rose to 238,000, an increase of 4,000 from the previous week’s revised level of 234,000.

Economists had expected jobless claims to inch up to 235,000 from the 233,000 originally reported for the previous week.

After struggling for direction until a little past noon on Tuesday, stocks began climbing higher and continued to gain in strength to eventually end the day’s session a firm note.

Concerns about the outlook for interest rates rendered the mood cautious early on in the session, with investors digesting Federal Reserve Chair Jerome Powell’s remarks at the ECB Forum and the JOLTS report that showed a slight increase in job openings in the country.

Stocks moved higher after bond yields drifted down. The major averages all ended on a firm note, with the Nasdaq outperforming the Dow and S&P 500.

The Dow ended with a gain of 162.33 points or 0.4 percent at 39,331.85. The S&P 500 settled at 5,509.01, gaining 33.92 points or 0.6 percent, while the Nasdaq advanced 149.46 points or 0.8 percent, to 18,028.76.

Data from the Labor Department showed the number of job openings rose to 8.140 million in May, up 221,000 from a month earlier.

Redbook Research said the Redbook Index in the U.S. increased by 5.8 percent in the week ending June 29, compared to the same week in the previous year.

Investors also noted Fed Chair Jerome Powell’s speech at a central banking forum in Sintra, Portugal. Powell expressed satisfaction with the progress on inflation but said he wants to see more before being confident enough to start cutting interest rates.

“We want to be more confident that inflation is moving sustainably down toward 2 percent before we start the process of reducing or loosening policy,” he said.

Investors looked ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.

The report, which is expected to show a slowdown in the pace of job growth in the month of June, could impact the outlook for interest rates.

On the political front, the U.S. Supreme Court’s ruling that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office has stoked speculation about the possibility of another Trump presidency.

Tesla Inc. shares soared more than 10 percent, after the company reported higher than expected sales in the April-June quarter. The electric vehicle maker said it sold 436,956 vehicles in the latest quarter, down 4.8 percent compared to the year-ago quarter. But the numbers were better than what analysts had forecast.