Stock market today: Stocks steady on best win since November

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U.S. stock futures rose in early trade on Tuesday following Wall Street’s longest winning streak since November, as investors continued to enjoy the market’s recovery in August amid easing recession bets and the perspective of the reduction of interest rates of the Federal Reserve.

Stocks extended their recent winning streak to an eighth straight session last night, with the S&P 500 up 0.97 percent to take the benchmark just 1.05 percent off its all-time high posted on July 16.

Stronger-than-expected data on consumer spending, job creation and business activity combined to fuel bets that the economy will avoid recession between now and the end of the year, with traders anticipating interest rate cuts of a quarter of a percentage point at the Fed at each of these. three upcoming meetings.

The S&P 500 has rallied from its early August lows to within just 1.05% of its most recent record high.

Michael M. Santiago/Getty Images

Treasury yields also mirrored those bets, with rate-sensitive 2-year notes holding 4.057 percent and benchmark 10-year yields pegged at 3.873 percent ahead of the start of the New York trading session.

The U.S. dollar index, which tracks the greenback against a basket of six global peers, was 0.05 percent lower at 101.832, its lowest since late December.

On Wall Street, stocks look poised for a subdued open, with S&P 500-linked futures pointing to a modest 3-point advance, while those linked to the Dow Jones Industrial Average are priced for a 9-point decline. Meanwhile, the tech-focused Nasdaq is named 23 points higher.

Stocks on the move include Lowe’s Companies (LOW) which fell 0.1 percent after the home improvement retailer cut its full-year profit guidance following a stronger-than-expected second-quarter earnings report.

Boeing (nay) Shares fell 0.9 percent after the planemaker halted test flights of its 777-9 plane after finding structural problems with a component during maintenance checks.

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 mostly trailing US futures, with the Stoxx 600 down 0.09% despite dovish comments on interest rate cuts from ECB Governor Olli Rehn and Britain’s FTSE 100 falling by 0.68% in London.

Overnight in Asia, the Nikkei 225 rose 1.8% in the session in a follow-on move from last night’s rally on Wall Street, while MSCI’s regional benchmark ex-Japan rose 0.32 % until the end of trading.

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