

Market Analysis
U.S. stock index futures dipped slightly in Monday evening trading as Wall Street remained steady near record highs, with investors closely watching for further indications from the Federal Reserve regarding interest rates.
The week began sluggishly for Wall Street, with a modest recovery from Friday's losses, but the market remained within reach of the record highs set last week after a substantial rate cut by the Fed.
By 19:16 ET (23:16 GMT), S&P 500 futures slipped 0.1% to 5,770.75 points, Nasdaq 100 futures dropped 0.2% to 20,050.50 points, and Dow Jones futures edged down 0.1% to 42,451.0 points.
Fed Speakers, PCE Data in Focus
This week’s spotlight is on speeches from several Federal Reserve officials, especially Chair Jerome Powell, as traders seek more guidance on potential rate cuts.
Minneapolis Fed President Neel Kashkari suggested that the central bank may slow the pace of future cuts after a strong start to the current easing cycle. Meanwhile, Atlanta Fed President Raphael Bostic noted the economy was nearing normalization faster than anticipated, though he didn't foresee a rush to slash rates.
Chicago Fed President Austan Goolsbee added that last week’s 50 basis point cut reinforced the Fed’s strategy for achieving a soft landing.
Last week, the Fed cut rates at the higher end of expectations, signaling the beginning of an easing cycle that could result in a cumulative 125 bps reduction by year-end, according to analysts.
The PCE price index, the Fed’s preferred inflation measure, is due for release on Friday and is expected to influence the central bank's rate-cutting plans. Despite some progress, inflation remains above the Fed’s 2% target.
Wall Street Eyes Record Highs; Mixed PMI Data
U.S. stock indexes inched up on Monday, with the S&P 500 and Dow Jones Industrial Average staying near recent peaks. The Nasdaq Composite lagged as tech stocks underperformed, while other economically sensitive sectors saw renewed interest.
The S&P 500 gained 0.3% to 5,718.57 points, the Nasdaq Composite rose 0.1% to 17,973.60 points, and the Dow climbed 0.2% to 42,124.65 points.
September’s Purchasing Managers' Index (PMI) data offered a mixed view of the U.S. economy. While services sector activity exceeded expectations, the decline in manufacturing worsened, marking its steepest contraction since July 2023.
Paraphrasing text from "Investing" all rights reserved by the original author.