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Wall Street futures showed a downward trend ahead of Tuesday's market opening, following a record-setting close for the Dow Jones in the previous session.
As of 1245 BST, Dow Jones futures were down by 0.08%, while futures for the S&P 500 and Nasdaq-100 indicated minor declines of 0.06% and 0.02%, respectively. The Dow had closed 65.44 points higher on Monday, bolstered by positive sentiment following Federal Reserve Chairman Jerome Powell’s remarks at the economic symposium in Jackson Hole.
Powell’s comments at the symposium continued to support the Dow’s strong performance. The market is now widely anticipating that the Federal Reserve will implement a rate cut at its upcoming meeting scheduled for mid-September. Traders are forecasting at least a 25-basis-point reduction in the benchmark interest rate. However, Powell did not provide specific details regarding the timing or magnitude of any potential rate cuts, leaving some uncertainty among market participants.
On the economic front, key data releases are scheduled for Tuesday. At 1400 BST, the S&P/Case-Shiller housing price index for June will be published, providing insights into the housing market’s performance. This will be followed at 1500 BST by August consumer confidence figures and the Richmond Fed’s August manufacturing index. These reports are expected to offer additional information on economic conditions and consumer sentiment.
In corporate news, attention will turn to retailer Nordstrom (NYSE:JWN), which is set to announce its earnings after the market closes. The performance of Nordstrom could influence market sentiment, particularly given the retailer’s significance in the consumer sector.
Overall, while the broader market remains buoyed by expectations of a forthcoming rate cut, the futures decline reflects a cautious sentiment ahead of the day's economic and corporate updates. Investors are closely watching these developments, which could impact market directions in the near term.
