Stock futures are little changed after S&P 500 closes above 5,500 level: Live updates

U.S. stock futures traded near the flatline Wednesday morning after the S&P 500 closed above 5,500 for the first time.

Futures tied to the S&P 500 inched down 0.11%. Dow Jones Industrial Average futures slipped 0.11% while Nasdaq 100 futures were marginally lower.

Paramount Global shares popped nearly 7% in extended trading following reports from The Wall Street Journal and The New York Times that Skydance Media has reached a preliminary agreement to buy National Amusements, the entertainment giant's controlling shareholder.

During Tuesday's main trading session, the broad market index rose 0.62% to close above 5,500 for the first time. The Nasdaq Composite advanced 0.84% to close at a record, and the 30-stock Dow rose 0.41%.

As the S&P 500 continues to climb, concern is growing across Wall Street that the narrow leadership of the rally is not sustainable for much longer. The question of when the Federal Reserve will start cutting rates is also weighing upon investors. Speaking at a central bank forum on Tuesday, Fed Chair Jerome Powell said that while the central bank has made some progress in reducing inflation, it is not quite ready to lower rates. 

Scott Chronert, Citi Research head of U.S. equity strategy, thinks a pullback may be imminent in the coming months. 

"Our concern is that the market is beginning to price in a growth expectation that may be difficult for companies, one by one, to meet, particularly given the ongoing strain that we're seeing on underlying economic conditions," he said on CNBC's "Closing Bell" on Tuesday. 

"Combine that with strong flows into the mega cap growth tech and core arena and a euphoric sentiment read — all suggest to us that we do have to be prepared for a pullback at some point as the