Traders on the floor of the New York Stock Exchange on September 9, 2024.
Spencer Pratt | Getty Images News | Getty Images
Dow Jones Industrial Average Futures Stocks were roughly flat on Sunday night after hopes of a rate cut last week sent blue-chip indexes soaring to their highest closing levels ever.
Futures tracking the 30-stock index were roughly flat, down just 8 points. S&P 500 Futures and Nasdaq 100 Futures Both are largely unchanged.
The moves came after a strong week on Wall Street over the Federal Reserve’s decision to cut interest rates by 50 basis points for the first time in four years. There was some turbulence after the initial announcement, but stocks rose in the days that followed.
of Dow It closed Friday at an all-time high above 42,000. All three major indexes rose more than 1%. S&P 500 A new record was also achieved.
“We view this week’s rate cut as a signal that the Fed is prepared to act quickly if insurance against excessive labor market weakness is needed,” Ronald Temple, chief market strategist at Lazard & Co., said in a Friday note.
“The reality is that neither a 25 basis point cut nor a 50 basis point cut would materially change the near-term trajectory of the economy,” he said. “But the signal was still significant, and the market reacted the next day, with the S&P 500 hitting an all-time high.”
Investors will be focusing on economic data from the services and manufacturing sectors on Monday, as well as speeches from Atlanta Fed President Raphael Bostic, Chicago Fed President Austen Goolsbee and Minneapolis Fed President Neel Kashkari for insight into what the central banks might do next.