What is the Dow futures? Contracts for September are steady at 38,675, with minimal volatility following a flat session in Asian markets. The index outlook hinges on Fed guidance, with traders expecting policy clarity next week. The Shiller P/E has decisively shown that extended valuation premiums aren't well-tolerated by Wall Street or investors, which eventually leads to significant downside for the S&P 500, Dow Jones, and Nasdaq Composite. Yet historical precedent also shows that stock market cycles are undeniably nonlinear. If the index were to hit a new record close Wednesday, it would be its 29th of the year. What is the Dow futures? In pre-market activity, Dow futures climbed toward 38,800, reflecting resilience following a softer-than-expected inflation report. Traders highlight rotation from defensive plays into growth names as a bullish driver.