Stock futures were little changed Monday as investors look to push equities back to record-high levels now that the Federal Reserve indicated that rate cuts are forthcoming.
Futures tied to the S&P 500 climbed 0.1%, while Nasdaq-100 futures were flat. Dow Jones Industrial Average futures rose 44 points.
Stocks are coming off of a strong week that was highlighted by comments from Fed Chair Jerome Powell that interest rates cuts are on the horizon. Wall Street has been anxiously awaiting a rate cut, especially in light of some worrying economic data that sparked a sell-off at the beginning of August and worried investors that elevated borrowing costs could damage the U.S. economy.
But equities have since rebounded and are now hovering near all-time highs. The benchmark S&P 500′s close on Friday put the broad market index less than 1% away from its record high set in mid July. The rebound has broadened out to the wider market, with the small cap Russell 2000 adding 3% following Powell’s comments.