U.S. stock futures remained largely unchanged on Monday following record-breaking closes for the S&P 500 and Dow Jones Industrial Average last week. The modest gains appeared to be a continuation of the rally fueled by the Federal Reserve's decision to cut interest rates by half a percentage point.
U.S. stock futures were little changed Monday after the S&P 500 and Dow Jones Industrial Average posted new record closes .
The gains were modest but appeared to be a continuation of last week's rally after the Federal Reserve cut interest rates by a half percentage point. The fed funds rate now sits at a range of 4.75% to 5.00%.Rate-sensitive sectors such as utilities and financials have moved higher in recent weeks in anticipation of the Fed's cuts.
"There's been a lot moving underneath the surface. … You've seen the baton passed from these megacap stocks to the broader market," Hickey said on CNBC's" While traders have cheered the outsized rate reduction, the market will likely experience heightened volatility over the coming weeks, according to Quincy Krosby, chief global strategist for LPL Financial."Given how valuations have edged higher on the back of the market's post Fed momentum, the market will be highly sensitive to any indication that the economy is softening at a faster pace," she said.
Traders will mull over fresh economic data on Tuesday, with the Conference Board's consumer confidence reading for September due. The Richmond Fed manufacturing index for this month will also be out in the morning.Stocks making the biggest moves after hours— The defense stock rose nearly 4%. In the first fiscal quarter, AAR reported adjusted earnings of 85 cents per share, up 9% from the year-ago period. Revenue came in at $661.7 million, up 20% from the prior year.
Stock Market Futures Fed Rate Cut Record Closes Volatility
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