Stock futures wavered, signaling that the major indexes may drift near their all-time highs ahead of data on growth in the service and manufacturing sectors.

Futures for the S&P 500 edged up 0.1%, pointing to modest moves at the opening bell. Contracts for the Dow Jones Industrial Average gained 0.2%. Futures for the technology-focused Nasdaq-100 wavered between gains and losses a day after the index closed at a record.

Stocks and bonds have steadied after the Federal Reserve whipsawed markets last week by signaling it might raise interest rates sooner than previously expected to ward off higher inflation. A scramble to adjust portfolios in response to that guidance has subsided, investors say. Fed Chairman Jerome Powell said Tuesday he had “a level of confidence” that inflation would abate, bolstering the view that it will be many months before the central bank shifts its monetary policy stance.

“We should expect markets to show a heightened sensitivity to economic data from here on, now that investors have embraced the idea the monetary cycle is turning,” said Paul O’Connor, head of the multiasset team at Janus Henderson Investors. “We should expect markets in the months ahead to be more volatile and more uncertain than they have been maybe over the past six months.”

Surveys of purchasing managers at U.S. manufacturing and service companies are due to be released at 9:45 a.m. ET. Analysts polled by FactSet expect them to signal the economy has continued growing at a fast clip in June.

Parallel surveys in the eurozone pointed to the fastest rate of growth in business activity in 15 years, after major European economies relaxed Covid-19 restrictions. In a sign of inflationary pressure, prices for goods and services increased at the fastest pace on records dating back to 2002, IHS Markit said.

In the U.S., data on new homes sales are scheduled for 10 a.m.

The yield on 10-year Treasury notes edged up to 1.474%, from 1.471% Tuesday. Yields move in the opposite direction to bond prices.

Some investors have viewed the shake-up that followed the Fed’s pivot as an opportunity to add to positions in value stocks and commodity markets such as copper. Sectors such as banking and energy, along with industrial metals, slid last week after benefiting from bets on higher growth and inflation for much of the year.

“There was an overreaction in bond yields and, as a second derivative of that, in bank stocks,” said Matthew Quaife, heat of multiasset investment management for Asia at Fidelity International. “Growth will be pretty strong over the medium term.”

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Brent-crude futures, the benchmark in international oil markets, rose 1% to $74.84 a barrel. Copper forwards rose 1.3% to $9,390 a metric ton, clawing back some recent losses.

Bitcoin rose over 3% from its 5 p.m. Tuesday level to $34,056.60. The cryptocurrency briefly dropped below $30,000 on Tuesday, erasing all of its gains for 2021.

In overseas markets, the Stoxx Europe 600 edged down 0.1%, led by losses for travel, leisure and retail stocks. Japan’s Nikkei 225 was relatively flat by the close of trading, while China’s Shanghai Composite edged up 0.3%. Hong Kong’s Hang Seng Index gained 1.8%.

Stock futures gained after Fed Chairman Jerome Powell’s testimony.

Stock futures gained after Fed Chairman Jerome Powell’s testimony.

Photo: Nicole Pereira/Associated Press

Write to Joe Wallace at Joe.Wallace@wsj.com