Warning: Trying to access array offset on value of type bool in /customers/3/a/a/businessfast.co.uk/httpd.www/wp-content/plugins/newsmax-core/includes/core.php on line 87
Stockmarket

US stock futures muted with Fed cues, Super Tuesday on tap



© Reuters.

Investing.com– U.S. stock index futures moved little in late-evening deals on Sunday, with a record-high rally now showing some signs of cooling in anticipation of more cues on monetary policy and fresh developments in the Presidential Election.

fell 0.1% to 5,141.75 points, while steadied at 18,340.50 points by 18:53 ET (23:53 GMT). fell 0.1% to 39,098.0 points.

Wall Street indexes had rallied to record highs on Friday on sustained support from an artificial intelligence-led rally in technology stocks, while signs of softening consumer sentiment and manufacturing activity also fed bets that the Federal Reserve will cut interest rates earlier this year. 

But this momentum now appeared to be slowing, especially with stocks at record highs, and with a string of key economic indicators due this week.

The rose 0.8% to finish at a record close of 5,137.08 points on Friday, while the surged 1.1% to a record high of 16,274.94 points. The rose 0.2% to 39,087.38 points and remained in sight of a recent peak. 

Powell testimony, nonfarm payrolls awaited 

Focus this week is squarely on a testimony from before a House Committee on Wednesday and a Senate panel on Thursday.

Powell is expected to largely reiterate the Fed’s cautious stance on keeping interest rates steady in the face of sticky inflation- a notion that was echoed by several Fed officials over the past two weeks.

Still, focus will be on any signals on when the central bank could potentially begin trimming interest rates this year, with markets looking at a June cut. 

After Powell’s testimony, data for February is due this Friday, and is expected to offer more cues on the state of the labor market, which is also a key consideration for the Fed in moving interest rates. 

Super Tuesday in focus as Presidential race heats up

Super Tuesday- which will see fifteen U.S. states will hold votes on the Presidential Primaries, falls on March 5 this week.

The Presidential primaries are widely expected to set up a rematch between incumbent President Joe Biden and his predecessor Donald Trump.

Still, ongoing criminal proceedings against Trump and growing ire over Biden’s response to the Israel-Hamas war are expected to somewhat complicate the 2024 elections. 

Among other points of focus this week, a response from Macy’s Inc (NYSE:) will be awaited after the department store chain received an increased $6.6 billion takeover offer from an investor group.

 



READ SOURCE