Stock Market Today: Dow futures dip from record high following Fed rate-cut-rally
How are stock-index futures trading:
S&P 500 futures are dipping 0.2%.
Dow Jones Industrial Average futures are down 0.1%.
Nasdaq 100 futures are falling 0.3%.
On Thursday, the Dow Jones Industrial Average rose 522 points, or 1.26%, to 42,025, the S&P 500 increased 95 points, or 1.7%, to 5,714, and the Nasdaq Composite gained 441 points, or 2.51%, to 18,014.
Futures indicate the S&P 500 will dip fractionally from its record closing high when trading begins Friday.
The Wall Street stock barometer has risen for 8 of the past 9 sessions, with the latest gains coming after investors welcomed the start on Wednesday of the Federal Reserve’s rate-cutting cycle amid optimism that the U.S. economy can avoid a hard economic landing despite a long period of high borrowing costs.
“In something of a delayed reaction, U.S. markets forged ahead [Thursday] as the benefits of a larger than expected interest rate cut became clearer, pushing up a broad selection of shares amid renewed buying interest,” said Richard Hunter, head of markets at Interactive Investor.
“The market is expecting further [rate] reductions of a similar amount before the end of the year, and in the absence of an economic downturn, the scene is set for a positive end to the year,” Hunter added.