U.S. stock index futures moved little on Monday evening after Wall Street clocked a three-day winning streak and hit a series of record highs on a rally in technology stocks and optimism over lower interest rates.
Focus this week is on a host of more economic cues, with Federal Reserve Chair Jerome Powell set to speak at an event on Tuesday. Key purchasing managers index data for September is also on tap, as is key inflation data.
S&P 500 Futures fell 0.1% to 6,748.75 points, while Nasdaq 100 Futures fell 0.1% to 24,989.0 points by 19:25 ET (23:25 GMT). Dow Jones Futures fell slightly to 46,699.0 points.
Wall St hits record highs on rate cut cheer, Nvidia gains
Wall Street indexes hit a series of record highs since last week, buoyed chiefly by optimism over an interest rate cut by the Fed.
The central bank also signaled openness to cutting interest rates further, although Chair Powell warned that labor market weakness and inflation will still factor into the Fed’s plans.
Technology stocks were a major driver of Wall Street’s rally. NVIDIA Corporation (NASDAQ:NVDA) surged nearly 4% on Monday after pledging to invest up to $100 billion in OpenAI, while Apple Inc (NASDAQ:AAPL) rose 4.3% on growing optimism over strong sales for the company’s iPhone 17 line. Both stocks steadied in aftermarket trade.
The S&P 500 rose 0.4% to a record high of 6,693.77 points. The NASDAQ Composite rose 0.7% to a peak of 22,788.98 points, while the Dow Jones Industrial Average rose 0.1% to 46,381.54 points.
Powell speech, PMI prints kick off data-heavy week
Wall Street was seen turning rangebound before an address by Powell on Tuesday, with the Fed Chair likely to offer more insight into the central bank’s plans to cut interest rates.
The Fed cut rates by a largely telegraphed 25 basis points last week and flagged at least two more cuts this year, citing weakness in the labor market. But Powell warned that sticky inflation and resilience in jobs could raise questions over further easing.
Two Fed members on Monday warned that the central bank’s recent cut diminished the need for further easing, while dissenter Stephen Miran continued to call for deeper cuts.
Beyond Fed speakers, key purchasing managers index data for September is due later on Tuesday, offering up more cues on the world’s biggest economy.
PCE price index data– the Fed’s preferred inflation gauge– is expected to be the main event this week, and is due on Friday. Core PCE data is expected to remain well above the Fed’s 2% annual target, while investors will also be watching for any inflationary effects from higher U.S. trade tariffs.
Source :
https://www.investing.com/news/stock-market-news/us-stock-futures-steady-after-3day-winning-streak-powell-speech-pmis-on-tap-4250240
