US stock futures move lower with more Fed guidance in focus via Investing.com

Investing.com– U.S. stock index futures fell in evening trade on Monday, as Wall Street held near record highs with the focus squarely on more future interest rate signals from the Federal Reserve.

Wall Street had a slow start to the week, recovering marginally from Friday’s losses but remaining within sight of record highs hit last week after a flash interest rate cut by the Fed.

fell 0.1 percent to 5,770.75 points, while it was down 0.2 percent to 20,050.50 points by 19:16 ET (23:16 GMT). decreased by 0.1% to 42,451.0 points.

Fed speakers, PCE data expected

This week’s focus is on the addresses of a large number of Federal Reserve officials – in particular – for more clues about the central bank’s plans to cut interest rates further.

Minneapolis Fed President Neel Kashkari said he expected the Fed to slow the pace of future rate cuts after a strong start to the easing cycle, while Atlanta Fed President Raphael Bostic said the economy was coming of normalization faster than expected, although it was not expected that the Fed. going on a “mad dash” to lower rates.

Chicago Fed President Austan Goolsbee said the Fed’s 50 basis point rate cut last week furthered the case for a soft landing.

The Fed cut interest rates to the higher end of market expectations last week and signaled the start of an easing cycle that analysts expect will cut rates by 125 bps by the end of the year.

data – the Fed’s preferred inflation gauge – is also due on Friday and is likely to factor into the Fed’s plans for lower rates. The reading is still above the Fed’s 2% annual target.

Wall St keeps records in sight; Mixed PMIs

Wall Street indexes rose marginally on Monday, with the rest within sight of recent tops. They lagged as tech stocks fell amid buying in other economically sensitive sectors.

The S&P 500 rose 0.3% to 5,718.57 points, while the Nasdaq Composite climbed 0.1% to 17,973.60 on Monday. The Dow rose 0.2% to 42,124.65 points.

Purchasing managers’ index data for September presented a mixed picture of the US economy. Although it rose more than expected, a slump in manufacturing activity worsened during the month.

fell at the worst pace since July 2023.