Stock Market News: Dow Set to Open Down Ahead of Fed's Powell's Speech
U.S. stocks were falling heading into the final trading day of the third quarter.
Dow Jones Industrial Average futures were down 32 points, or 0.1%. S&P 500 futures were also down 0.1%, while Nasdaq 100 futures slipped 0.2%.
To be fair, they’re still close to all time-highs–the Dow finished Friday at a record. But they’re also not following shares in China, which surged Monday after a series of measures to spur growth were announced. They also didn’t fall sharply as shares did in Japan, where stocks suffered a 5% drop on Monday after the ruling party chose a new prime minister who is seen as being less business-friendly than a rival.
U.S. shares have been boosted by the Federal Reserve’s half-point interest-rate cut this month, as well as hopes that they make another big move at the next meeting. The S&P 500 has gained more than 20% this year and is on track for a fourth consecutive quarter of gains, the best streak in three years.
Fed Chair Jerome Powell speaks today, which could move shares. Investors will also be looking forward to the September jobs report published later this week.
“Stocks on Wall Street are hovering around record levels as investors eye up lower borrowing costs ahead, while the economy isn’t slowing in a scary fashion,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Chinese stocks have held onto their rally as hopes that the big stimulus whammy from the central bank will help revitalize the economy.”