Stock Market Today: Dow futures sit just shy of record high as Fed rate cut looms
How are stock-index futures trading:
S&P 500 futures are up 0.1%.
Dow Jones Industrial Average futures are climbing 0.2%.
Nasdaq 100 futures are adding just 0.01%.
On Friday, the Dow Jones Industrial Average rose 297 points, or 0.72%, to 41,394, the S&P 500 increased 30 points, or 0.54%, to 5,626, and the Nasdaq Composite gained 114 points, or 0.65%, to 17,684.
Futures indicate a mildly positive start to trading when the opening bell rings on Wall Street.
The S&P 500 finished last week just 0.73% from its record closing high of 5667.20 hit Tuesday, July 16, 2024, having risen five trading days in a row.
A rebound for some big tech stocks, particularly Nvidia, helped support the market but “the overall driver of the rally was growing speculation that the Federal Reserve will cut interest rates by 50 basis points rather than 25 basis points when they meet this Wednesday,” says Kathleen Brooks, research director at XTB.
Increasing bets on a 50 basis point cut helped push 2-year Treasury yields early Monday to their lowest levels since September 2022.
U.S. economic data due on Monday include the Empire State manufacturing survey for September, released at 8:30 a.m. Eastern.