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 Excitement over last week’s interest rate cut pushed the blue-chip index to a record closing level, with the index almost unchanged on Sunday night.
Futures tied to a 30-stock index were up just 4 points, nearly flat. S&P 500 Index Futures and Nasdaq 100 Futures Neither changes much, either.
The moves follow a triumphant week on Wall Street centered on the Fed’s decision. Interest rates cut by 50 basis pointsthe first reduction in four years. Although some Volatility After the initial announcement, stocks Regroup over the next few days.
this Dow Chemical Friday ends at highest closing price in historysignificantly higher than 42,000. All major stock indexes rose more than 1% on Wednesday S&P 500 Index Also set a new record.
“I view this week’s rate cut as a signal that the Fed is willing to provide insurance against excessive labor market weakness if it needs it,” Ronald Temple, chief market strategist at Lazard, said in a note on Friday. Take action quickly.
“The reality is that a 25 basis point or 50 basis point rate cut will not materially change the near-term trajectory of the economy,” he said. “But the signal was still important, and the market responded the next day, sending the S&P 500 to a new all-time high.”
Investors will focus on economic data on services and manufacturing on Monday. They will also focus on speeches by Atlanta Fed President Raphael Bostic, Chicago Fed President Austen Goolsby and Minneapolis Fed President Nir Kashkari, to gain insight into what the central bank will do next.
