US Stock Market predictions for Monday: S&P 500, Dow Jones, Nasdaq in positive, top stocks to watch out
US stock market indexes — S&P 500, Dow Jones Industrial Average, and Nasdaq Composite — will aim to trade in positive on Monday the US Federal Reserve Chair Jerome Powell claimed that the central bank will cut its key policy rate in September.
Next week, the data-dependent Fed will have a raft of economic indicators to consider ahead of its September rate decision, including the Commerce Department's revised second-quarter GDP and its broad-ranging Personal Consumption Expenditures (PCE) report, which includes the Fed's preferred inflation yardstick, the PCE price index.
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Megacaps Nvidia, Apple and Tesla, small caps and regional banks' stocks will be under focus. All 11 major sectors in the S&P 500 ended the Friday session in positive territory, with real estate shares boasting the largest percentage gain, rising 2.0 per cent.
The Dow Jones Industrial Average rose 462.3 points, or 1.14 per cent, to 41,175.08, the S&P 500 gained 63.97 points, or 1.15 per cent, to 5,634.61 and the Nasdaq Composite added 258.44 points, or 1.47 per cent, to 17,877.79.
«The long wait is over,» said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. «This was the dovish shift that market participants have been waiting for.»
«The Fed is clearly turning to the dovish camp and Powell has made it crystal clear that September will be the start of multiple rate cuts coming the remainder of this year,» Detrick added.
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