U.S. index futures are modestly higher at the start of a new week as the rate cut euphoria fades and traders look ahead to the next key catalysts. The tech space could get a lift from a potential lifeline for struggling Intel Corp. (NASDAQ:INTC) and traders may also look ahead to Micron Corp.’s (NASDAQ:MU) earnings report due later this week. FedEx Corp.’s (NYSE:FDX) annual shareholder meeting and conference presentations by companies could also be on traders’ radar.
A few Fed speeches and private sector activity data due on Monday will also be of interest to the market, which has had an atypically strong September. China followed up with more cuts on Monday as the country strives to bring the struggling economy back on track.
Futures
Performance (+/-)
Nasdaq 100
+0.24%
S&P 500
+0.15%
Dow
+0.06%
R2K
+0.32%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.15% to $569.09 and the Invesco QQQ ETF (NASDAQ:QQQ) climbed 0.27% to $483.06, according to Benzinga Pro data.
Cues From Last Week:
U.S. stocks recorded gains for the second straight week as the Fed’s 50 basis-point cut set the market on fire, although a session after the announcement. After a mixed start to the week, positive retail sales generated buying interest in the market on Tuesday. Sentiment soured on Wednesday despite the initial positive reaction to the rate cut and the major indices closed lower.
Traders reacted with a lag to the rate cut, sending averages sharply higher on Thursday. The S&P 500 Index and the Dow Jones Industrial Average scaled record highs in the session. Caution returned on Friday as the market closed the triple-witching session on a mixed note. The Dow built on its gains on Friday and ended at a new high.
“This might be a September rally to remember on Wall Street, as history is not on the side of September delivering many market rallies,” said fund manager ...
