Traders work on the trading floor of the New York Stock Exchange on August 16, 2024.
Angela Weiss | AFP | Getty Images
U.S. stock index futures were flat Monday night after the S&P 500 and Nasdaq posted their longest winning streak into 2024.
Dow Jones Industrial Average futures fell 8 points, or 0.02%. Futures tied to the S&P 500 were slightly higher, with Nasdaq 100 futures up 0.08%.
The extended trading move comes after another positive day for the major averages. The S&P 500 rose nearly 1% and the Nasdaq rose 1.4%. Both indexes posted gains for an eighth consecutive session, the S&P 500’s first since November 2023.
Major stock indexes have rebounded since the start of the month as market volatility has fallen sharply. this CBOE Volatility Index After breaking above 65 on August 5, it is currently at 14.7.
This week, investors are gearing up for the Federal Reserve’s annual Jackson Hole economic symposium, where Chairman Powell is scheduled to speak on Friday morning. Wall Street is looking for insights on how much the central bank might cut interest rates at its September meeting.
The Fed wants to send a signal that “they are at the top of the curve, not behind. But at the same time, they don’t want to be too aggressive in taking the pressure off before the fire is out,” said Fed Chairman Sam Stovall represents an investment strategist at CFRA Research.
“The real question is not just the timing of the rate cut, but the magnitude of the rate cut,” Stovall added. According to CME Group’s FedWatch tool, Fed futures fund pricing shows a 77.5% chance that central bank policymakers will cut interest rates by 25 basis points in September.
The Federal Reserve will also release the minutes of its latest meeting on Wednesday.
