U.S. stock futures were little changed Wednesday, indicating a pause for the Dow industrials following two sessions of all-time highs.

S&P 500 futures lost one point to 2124. E-mini Dow futures added two points to 18286. E-mini Nasdaq-100 futures were up two points to 4503. Changes in stock futures don't always accurately predict moves in the stock market after the opening bell.

The Dow Jones Industrial Average drifted to a record close Tuesday, adding 0.1% to 18312.39. It was the blue-chip index's second record in a row and its sixth this year. The S&P 500 lost 0.1% to 2127.83, snapping a three-day winning streak, and the Nasdaq Composite slipped 0.2% to 5070.03.

Stock-market volume has been light in recent sessions, with Monday marking the second-slowest day of the year. The stream of companies reporting first-quarter earnings has slowed in recent sessions, contributing to the muted action in markets. Including results from 476 companies in the S&P 500, first-quarter earnings are on track to rise 0.5% from a year ago, according to FactSet. In late March, analysts had expected first-quarter earnings to drop 4.7%.

The Dow has gained 2.6% in May, through Tuesday's close, and the S&P 500 has advanced 2%. Both indexes are on track for their biggest monthly gains since February.

"We've quietly crept up to all-time highs," said Art Hogan, chief market strategist at Wunderlich Securities. "The interesting part of that is the leadership has shifted. We're seeing the financials take over leadership," he added.

Financial stocks in the S&P 500 have gained the most this week and are the second-biggest winners in May, through Tuesday's close. That marks a change from earlier in the year. For the year, those stocks are up just 0.9%, lagging the S&P 500's 3.3% gain in the same period.

The SPDR S&P Regional Banking Exchange-Traded Fund has gained 2.8% this week and is up 4.2% for the month, through Tuesday.

Driving gains in financial stocks is the prospect of higher interest rates. Federal Reserve officials are debating when to raise short-term rates, which have been held near zero since December 2008. Financial companies, such as banks, benefit from higher rates because they are able to charge more on loans. "Higher interest rates overall increase their net interest margins, which is a key driver of profitability," said Mr. Hogan.

The Fed will release the minutes from its April policy meeting on Wednesday at 2 p.m. EDT.

Stock-market moves were muted in Europe. Germany's DAX slipped 0.3% and France's CAC 40 lost 0.2%.

Stocks in Japan ended at a 15-year high after data showed the country's economy grew at its fastest pace in a year during the first quarter.

In commodity markets, gold futures added 0.2% to $1209.10 an ounce. Crude-oil futures gained 1% to $58.58 a barrel.

The yield on the 10-year note was at 2.259%, compared with 2.262% on Tuesday. Yields fall as prices rise.

Write to Saumya Vaishampayan at saumya.vaishampayan@wsj.com

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