Traders at the New York Stock Exchange on September 9, 2024.
Spencer Platt | Getty Images News | Getty Images
Stock futures rose slightly on Monday after excitement over last week's interest rate cut pushed the Dow Jones Industrial Average to a record closing high.
Futures tied to the 30-stock index rose 26 points, or 0.1%. S&P 500 Futures and Nasdaq 100 Futures Technology stocks rose 0.2% each.
The moves come after a successful week on Wall Street centered around the Federal Reserve’s decision to cut interest rates by 50 basis points, its first cut in four years. Despite some volatility following the initial announcement, stocks have been higher in the days since.
the Dow The US S&P 5000 ended Friday's trading at an all-time high, which was significantly above 42,000. The three major indexes added more than 1% during the week, which saw Standard & Poor's 500 She also set new records.
“I see this week’s rate cut as a signal that the Fed is prepared to move quickly if it needs an insurance policy against excessive weakness in the labor market,” Ronald Temple, chief market strategist at Lazard, said in a note on Friday.
“The reality is that a 25 or 50 basis point rate cut will not materially change the economic trajectory in the near term,” he said. “But the signal is important nonetheless, and markets responded the next day, sending the S&P 500 to a new record high.”
Investors will be looking ahead to economic data on Monday from the services and manufacturing sectors. They will also be watching speeches from Atlanta Fed President Raphael Bousik, Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari for insights on what the central bank will do next.
