U.S. stock futures were mostly unchanged Monday evening following new record closes for the S&P 500 and Dow Jones Industrial Average.
Futures linked to the Dow slipped 36 points, or 0.08%, while S&P 500 and Nasdaq 100 futures dipped by 0.09% and 0.14%, respectively.
In extended deals, defense stock AAR rose nearly 4% after reporting adjusted earnings of 85 cents per share for the first fiscal quarter, a 9% increase from last year. The company's revenue climbed 20% to $661.7 million.
Earlier in the day, the S&P 500 gained 0.28%, and the Dow added 0.15%, setting new closing records. The Nasdaq Composite also edged up 0.14%. These modest gains were seen as an extension of last week’s rally, spurred by the Federal Reserve’s decision to cut interest rates by 50 basis points, bringing the federal funds rate to a range of 4.75% to 5.00%.
Sectors sensitive to interest rates, including utilities and financials, have benefited from the rate cuts, with four sectors in the S&P 500 now outperforming the broader market, up from two in July, according to Bespoke Investment Group co-founder Paul Hickey.
On Tuesday, traders will turn their attention to new economic data, including the Conference Board’s consumer confidence report for September and the Richmond Fed manufacturing index for this month.
Among earnings, AutoZone and KB Home are set to release their quarterly earnings reports.
