US stock index futures barely changed during Tuesday’s overnight trading after being subdued on the first day of June.

Futures contracts pegged to the Dow Jones Industrial Average slipped 13 points. S&P 500 futures and Nasdaq 100 futures were slightly lower.

During regular trading, the Dow gained 47 points, or 0.14%, after rising more than 300 points at one point. The S&P broke a 3-day winning streak and finished just 2 points. The Nasdaq Composite was the relative underperformer, down 0.09% for its second negative session of three.

Despite the subdued action, there were a few winners during the session, especially in stocks related to the reopening. Airline and cruise company stocks rose as US Covid cases continued to decline.

Fears of inflation and the way the Federal Reserve might react have weighed on sentiment lately, although key averages are still hovering around all-time highs.

“The markets remain strong,” said Cliff Hodge, Cornerstone Wealth’s chief investment officer. “Economic growth is robust, monetary conditions remain extremely simple and consumers are filled with cash from the economic stimulus when the virus cases fall and the economy reopens.”

The S&P 500 and Dow are down 0.8% and 1.5%, respectively, from their May highs. The Nasdaq has a little more ground to make up after a rotation from growth-oriented market areas. The tech-heavy index is currently 3.3% from its all-time high in April.

Looking ahead, Morgan Stanley strategists said they would prefer defensive, affordable, quality stocks during the mid-cycle transition.

“We believe that re-opening execution and earnings stability are qualities that the market will reward,” the company wrote in a statement to customers.

Energy was the top performing S&P 500 group on Tuesday after oil prices rose, pushing West Texas Intermediate’s crude oil futures to their highest level in more than two years.

AMC shares were another notable pacemaker, rising 22% after the company announced in a filing that it raised $ 230.5 million through a stock sale.

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