Stock market today: US futures rise, Dow eyes 8th straight win as rate-cut hopes abound
US stock futures rose on Friday, setting the Dow up for an eighth straight day of gains as investors waited for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.
Dow Jones Industrial Average (YM=F) futures put on roughly 0.3%, with S&P 500 (ES=F) futures also gaining 0.3% on the heels of closing above 5,200 for the first time in a month. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were up 0.4%.
The blue-chip Dow has powered higher, scoring its longest win streak this year as stocks made a comeback from April’s doldrums. Growing conviction that the Federal Reserve could cut interest rates earlier than expected — given recent signs of a cooling labor market — has buoyed the rally.
Read more: How does the labor market affect inflation?
Given that, investors will listen closely to speeches from a packed line-up of Fed speakers on Friday for more insight into timing, pace, and chance of an easing in policy. Michelle Bowman, Neel Kashkari, and Austan Goolsbee are among those scheduled to appear.
Earlier, Atlanta Fed boss Raphael Bostic said he sees a single rate cut late this year, but echoed fellow official Mary Daly’s preference for waiting for a more robust signal that price pressures are easing.
On the corporate front, TSMC (TSM) shares popped after the Taiwanese contract chipmaking giant said its sales jumped 60% in April. It credited sustained AI demand paired with a revival in consumer electronics such as smartphones.
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