US stock futures muted with Fed cues, Super Tuesday on tap
Investing.com-- U.S. stock index futures moved little in late-evening deals on Sunday, with a record-high rally now showing some signs of cooling in anticipation of more cues on monetary policy and fresh developments in the Presidential Election.
S&P 500 Futures fell 0.1% to 5,141.75 points, while Nasdaq 100 Futures steadied at 18,340.50 points by 18:53 ET (23:53 GMT). Dow Jones Futures fell 0.1% to 39,098.0 points.
Wall Street indexes had rallied to record highs on Friday on sustained support from an artificial intelligence-led rally in technology stocks, while signs of softening consumer sentiment and manufacturing activity also fed bets that the Federal Reserve will cut interest rates earlier this year.
But this momentum now appeared to be slowing, especially with stocks at record highs, and with a string of key economic indicators due this week.
The S&P 500 rose 0.8% to finish at a record close of 5,137.08 points on Friday, while the NASDAQ Composite surged 1.1% to a record high of 16,274.94 points. The Dow Jones Industrial Average rose 0.2% to 39,087.38 points and remained in sight of a recent peak.
Focus this week is squarely on a testimony from Fed Chair Jerome Powell before a House Committee on Wednesday and a Senate panel on Thursday.
Powell is expected to largely reiterate the Fed’s cautious stance on keeping interest rates steady in the face of sticky inflation- a notion that was echoed by several Fed officials over the past two weeks.
Still, focus will be on any signals on when the central bank could potentially begin trimming interest rates this year, with markets looking at a June cut.
After Powell’s testimony, nonfarm payrolls data for February is due this Friday, and is expected to offer more cues on
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