Following new record closing for the Dow Jones Industrial Average and S&P 500, U.S. stock futures saw minimal movement on Monday.
Futures based on the Dow’s 30 stocks were unchanged. S&P 500 futures increased by less than 0.1 percent. In the Nasdaq 100, futures rose 0.16%.
The Dow advanced 0.15% and the S&P 500 increased by 0.28% during Monday’s regular trading, setting closing records for both indexes. By session’s end, the Nasdaq Composite was up 0.14%.
Although the gains were small, they seemed to be a continuation of the rise that began last week following the Federal Reserve’s half-percentage-point interest rate drop. The current range for the fed funds rate is 4.75% to 5.00%.
Rate-sensitive industries, such financials and utilities, have increased recently in anticipation of Fed’s reductions. Paul Hickey, co-founder of Bespoke Investment Group, reported that four sectors outperformed the market in the S&P 500 in 2024, as opposed to only two back in July.
Source (CNBC)
