Stock futures remained stable on Tuesday, hovering near the flatline, as the recent market rally took a brief pause. Futures tied to the Dow Jones Industrial Average showed a slight increase of 0.06%, equivalent to 23 points. Similarly, S&P 500 futures ticked up by 0.1%, while Nasdaq-100 futures inched 0.03% higher.
After a successful trading session, the S&P 500 added 0.45%, bringing it within 1.2% of its record closing high of 4,796.56, achieved in January 2022. The tech-heavy Nasdaq Composite experienced a 0.6% gain, while the Dow increased by a mere 0.86 point.
The recent market rally has been driven by various factors. One significant catalyst is the indication from the Federal Reserve last week, suggesting the possibility of three interest rate cuts in 2024. This news has further fueled the market’s upward momentum. Additionally, signs of inflation cooling down and a decrease in Treasury yields have contributed to the positive performance of risk assets.
Source (CNBC)
