U.S. stock futures inched lower early Monday following last week’s solid momentum in major indices due to the Federal Reserve’s 50 basis points interest rate cut. Futures on the S&P 500 (SPX) and the Nasdaq 100 (NDX) were down by about 0.29% and 0.25%, respectively, at 3.30 a.m. EST, September 23, while futures tied to the Dow Jones Industrial Average (DJIA) moved lower by 0.27%.
Last week, the S&P 500 and the Dow Jones crossed the 5,700 and 42,000 levels, respectively, for the first time, fueled by the Fed’s first rate cut in four years.
Coming to this week’s major earnings, semiconductor company Micron Technology (MU) is scheduled to announce its results on Wednesday, while Accenture (ACN), Carmax (KMX), and Costco (COST) will declare their results on Thursday.
Key economic releases on Monday include S&P Global’s data on the Manufacturing and Services sectors. Also, investors will keenly follow speeches of Fed Presidents of Atlanta, Chicago, and Minneapolis to gain insights into the central bank’s next move.
Meanwhile, the U.S. 10-year treasury yield moved higher on Monday, floating near 3.758% at the time of writing. Further, the WTI crude oil futures are trending higher, hovering near $71.30 per barrel as of the last check.
Elsewhere, European markets started the week on a slightly positive note, thanks to the optimism following the Fed’s interest rate cut.
Asia Pacific Markets Mixed on Monday
Asia Pacific markets trended mixed today. Last week, the People’s Bank of China (PBOC) kept its benchmark lending rates unchanged.
At the time of writing, Hong Kong’s Hang Seng Index was down 0.07%, while China’s Shanghai Composite Index and the Shenzhen Component Index were up by 0.44% and 0.10%, respectively.
Meanwhile, markets in Japan were closed today to observe the Autumnal Equinox holiday.
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