Investing.com -- U.S. stock futures are in the green prior to the beginning of the last full trading week before the Christmas holiday, with investors eyeing the outlook for potential Federal Reserve interest rate cuts next year. Elsewhere, gene-sequencing group Illumina (NASDAQ:ILMN) announces plans to divest blood cancer-test seller Grail following intense antitrust scrutiny and shares in China's SenseTime slip after it announces the death of its founder.
1. Futures edge higher
U.S. stock futures inched higher on Monday, pointing to a possible extension in a Christmastime rally that has been fueled by hopes for a Federal Reserve policy pivot next year.
By 05:01 ET (10:01 GMT), the Dow futures contract had gained 73 points or 0.2%, S&P 500 futures had risen by 12 points or 0.2%, and Nasdaq 100 futures had inched up by 23 points or 0.1%.
The main indices on Wall Street were mixed to end the previous week after New York Fed President John Williams noted that policymakers were not «really talking about» interest rate cuts «right now.» The comments served to temper hopes that the central bank would start to lower rates from more than two-decade highs as early as the spring.
Last week, the Fed voted to keep borrowing costs steady at 5.25% to 5.50%. However, fresh quarterly projections showed that members, buoyed by signs of cooling inflation and resilient economic growth, were pricing in 75 basis points in cuts in 2024. The announcement helped lift the benchmark S&P 500, 30-stock Dow Jones Industrial Average, and tech-heavy Nasdaq Composite to their seventh consecutive week of gains. U.S. Treasury yields, which move inversely to prices, also slipped.
2. Gold shines
The Fed's dovish outlook has also driven a jump in gold
Read more on investing.com