The tech sector was behind much of the market recovery from the April selloff, but investors have started to take stock of the elevated valuations, sending the S&P 500 and the Nasdaq to their worst day in more than two weeks on Tuesday.

Wall Street's main indexes were subdued at the open on Wednesday as investors assessed uneven earnings from retailers such as Target and Lowe's for clues on consumer spending

S&P 500 futures are down 0.1%. Dow Jones Industrial Average futures are dipping 0.1%. Nasdaq 100 futures are slipping 0.1%. On Monday, the Dow Jones Industrial Average fell 34 points, or 0.08%, to 44,

Federal Reserve Chair Jerome Powell's speech at the Jackson Hole conference on Friday comes amid the labor market showing signs of weakness and inflation ticking higher due to tariffs.

Gold futures fell modestly, as investors mostly held their fire ahead of the Federal Reserve's annual symposium this week in Jackson Hole, Wyoming.