Sunday, April 14, 2024
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Gains In Stock Futures To Start The Week

With inflation continuing to moderate, stock futures increased to start trading for the week on hopes that the Federal Reserve will keep interest rates unchanged.

There is agreement among Fed members to hold off on raising rates when the central bank meets next week, according to a Sunday Wall Street Journal report. According to early Monday Fed futures trade, 93% of the time the Fed will keep interest rates unchanged on September 20. The WSJ story stated that it is uncertain whether the Fed will raise rates again this year.

The Dow Jones Industrial Average futures rose 85 points, or 0.2%. Nasdaq 100 futures gained 0.6%, while S&P 500 futures increased by 0.4%.

Following a strong call from Morgan Stanley, which upgraded the shares and forecasted a major rally due to advancements with its autonomous software, Tesla’s stock increased by 6% in premarket trading.

The previous week had loss weeks for all three major indices. On the back of concerns about rising rates, the tech-heavy Nasdaq Composite had the greatest decline, falling by almost 2%.

Source (CNBC)

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