Stock futures were mostly flat on Sunday evening (Monday AEDT) as Wall Street looked ahead to a key Federal Reserve meeting this week, with expectations for another 25 basis point rate cut.
By 10:20 am AEDT (11:20 pm GMT) futures linked to the Dow Jones Industrial Average and the S&P 500 remained little changed, while Nasdaq 100 futures dipped by 0.1%
Last week, the Dow declined 1.8%, extending its losses to seven consecutive sessions. The S&P 500 fell 0.6% and has dropped in four of the last five sessions, while the Nasdaq Composite outperformed, posting a modest gain of 0.3%.
The market has shifted from the broad rally sparked by President-elect Donald Trump’s November election victory to a narrower, tech-led momentum.
The Federal Open Market Committee’s two-day meeting on Tuesday and Wednesday will be the week’s central focus, with widespread expectations for the Federal Reserve to lower the benchmark interest rate further.
Investors will also closely monitor Monday’s (Tuesday AEDT) preliminary purchasing managers index (PMI) data, offering fresh insights into economic activity.
On the corporate front, MicroStrategy shares could see movement after the bitcoin proxy was announced as a new addition to the Nasdaq 100 index.