Today’s stock market: Stocks mixed with Fed rate path in focus

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US stock futures were mixed in early trade on Monday as the dollar extended gains against global peers as investors looked ahead to a week likely to be dominated by Federal Reserve titles, in as investors seek clarity on the central bank’s autumn rate path.

With stocks now in a firm uptrend and the S&P 500 just 2% off the all-time high it hit in July, investors are hoping a Fed rate cut in September will add further support to a market that has grown strongly since the so-called commercial shipping unrest that began on August 5.

Comments from Fed officials this week, as well as minutes from the central bank’s June meeting and Chairman Jerome Powell’s keynote speech at the Jackson Hole symposium on Friday will combine to give markets a clearer idea of ​​where rates are headed interest rates in the last months of the year.

CME Group’s FedWatch currently suggests a 71.5% chance the Fed will cut its benchmark lending rate by 25 basis points to between 5% and 5.25% when it meets in Washington next month . Traders are also pricing in at least two more rate cuts in November and December.

Fed Chairman Jerome Powell and his Federal Reserve colleagues will gather this week for their annual central bank symposium in Jackson Hole, Wyoming.

Bloomberg/Getty Images

Yields on the benchmark 10-year Treasury note were last marked down 3 basis points from Friday’s close at 3.869%, while the 2-year note fell 2 basis points to 4.049% .

The U.S. dollar index, which tracks the greenback against a basket of global benchmarks, was 0.23 percent lower at 102.227.

The Fed’s comments, as well as data on the economy’s broader growth outlook, are likely to be in focus this week as the second-quarter earnings season draws to a close. Only a few bluechip reports are expected in the next five days, including Lowe’s (LOW) aim (TGT) Palo Alto Networks (PANW) and TJX (TJX) .

Related: Recession forecasts crushed as economy defies doomsayers

With about 93 percent of the S&P 500 reporting so far this season, collective profits will rise 12.5 percent year-over-year to $501.5 billion, beating initial Street forecasts. Looking at the current quarter, LSEG data suggests a growth rate of about 5.8% and a weighted share count of $513.3 billion.

Heading into early Wall Street trading, S&P 500 futures, which entered positive territory for the month last week, are priced off a modest 3-point opening decline.

Meanwhile, the technology-focused Nasdaq is poised for a 30-point retreat, while the Dow Jones Industrial Average is named 10 points higher after ending Friday at 40,659.76.

Advanced microdevices (AMD) shares had a notable early move, rising 2.8% to $152.67 each, after chipmaker and key Nvidia (NVDA) rival unveiled plans to buy privately held server maker ZT Systems for about $4.9 billion.

More Wall Street analysts:

• Analysts reset Amazon stock price targets after earnings
• The analyst resets the price target on Rivian shares on updated plans
• Analysts reset price target on Arm Holdings shares after earnings

In Europe, stocks were also mixed, with Britain’s FTSE 100 down 0.13 percent in early London trade and the regional benchmark Stoxx 600 up 0.27 percent in Frankfurt.

Overnight in Asia, a stronger yen and a retreat in chip stocks sent the Nikkei 225 down 1.77% from the Tokyo session, with MSCI’s regional benchmark ex-Japan climbing 0.84% ​​to at the end of the transaction.

Related: Veteran fund manager sees world of pain coming for stocks