U.S. Stock Index Futures Hold Steady as Investors Await Inflation Data and Rate Decisions
U.S. stock index futures remained in a narrow range during Monday evening trading, following Wall Street’s recovery from last week’s sharp declines. Investors now shift their focus to upcoming inflation data, seeking more insight into potential interest rate moves.
Last week saw one of the steepest selloffs on Wall Street in recent years, led by losses in the technology sector and a more cautious economic outlook for the U.S. The market downturn came as investors braced for a weaker economic forecast.
Meanwhile, Apple Inc. (NASDAQ
) had little effect on broader market sentiment after unveiling its latest iPhone models, as its shares showed limited movement.
As of 20:04 ET (00:04 GMT), S&P 500 Futures edged up 0.1% to 5,484.25 points, while Nasdaq 100 Futures held steady at 18,700.25 points. Dow Jones Futures remained flat at 40,873.0 points.
Inflation Data and Upcoming Fed Rate Cut
This week’s focus centers on the August Consumer Price Index (CPI) inflation data, set for release on Wednesday. The report is expected to indicate a further decline in inflation, particularly in core CPI, which could bolster the case for a reduction in interest rates.
Wednesday’s inflation figures will be pivotal in shaping expectations for the Federal Reserve’s policy moves this year, especially as the Fed is widely anticipated to lower rates by 25 basis points during its meeting next week.
Market participants are currently pricing in a 72% likelihood of a 25 bps rate cut, according to CME’s FedWatch tool. Lower rates are generally favorable for stock markets, offering some relief after last week’s significant losses.
On Monday, the S&P 500 rose 1.2% to 5,471.05 points, while the NASDAQ Composite also gained 1.2%, reaching 16,884.59 points. The Dow Jones Industrial Average increased by 1.2% to close at 40,829.59 points.
Investors are also paying attention to the upcoming presidential debate between Donald Trump and Kamala Harris on Tuesday, as it may provide greater clarity regarding the 2024 elections.
Apple Steady After iPhone 16 Launch, Arm Holdings Surges
Apple’s latest iPhone release, which includes advanced artificial intelligence (AI) features, was met with little reaction on Wall Street. Despite the anticipated boost to device sales from the new AI capabilities, the company’s stock saw minimal movement, with some analysts expressing concerns over the staggered rollout of these features.
In contrast, Arm Holdings (NASDAQ
), a British chip designer, saw a 1% rise in aftermarket trading following a 7% rally during the session. The surge came after Apple announced that its flagship devices would continue to be powered by chips running on Arm architecture.
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