Investing.com– U.S. stock index futures showed little movement in late-evening trading on Sunday, as the record-high rally on Wall Street appeared to be cooling off. Investors are now eagerly awaiting more cues on monetary policy and fresh developments in the Presidential Election.
The fell 0.1% to 5,141.75 points, while steadied at 18,340.50 points by 18:53 ET (23:53 GMT). also fell 0.1% to 39,098.0 points.
Wall Street had experienced a surge to record highs on Friday, driven by an artificial intelligence-led rally in technology stocks. Additionally, signs of softening consumer sentiment and manufacturing activity fueled expectations of an earlier interest rate cut by the Federal Reserve.
However, the momentum seems to be slowing down, especially with stocks at record highs and a series of key economic indicators set to be released this week.
Federal Reserve Chairman Jerome Powell’s testimony before a House Committee on Wednesday and a Senate panel on Thursday will be closely watched. Powell is expected to reiterate the Fed’s cautious stance on interest rates, but any signals on a potential rate cut later this year could impact the markets.
In addition, the nonfarm payrolls data for February, scheduled for release on Friday, will provide more insights into the labor market and could influence the Fed’s decision on interest rates.
As the Presidential race heats up, all eyes are on Super Tuesday, where fifteen U.S. states will hold votes on the Presidential Primaries. The primaries are expected to set up a showdown between President Joe Biden and former President Donald Trump. However, ongoing legal issues for Trump and criticism of Biden’s handling of the Israel-Hamas conflict could complicate the 2024 elections.
Investors will also be awaiting a response from Macy’s Inc (NYSE:) after the department store chain received a $6.6 billion takeover offer from an investor group.
Overall, the upcoming week promises to be eventful for the financial markets, with a mix of economic data, political developments, and corporate news shaping investor sentiment.
