Stock market today: Stock futures steady as S&P 500, Nasdaq try to build on records
What caused the S&P 500 and Nasdaq to build on records?
The S&P 500 and Nasdaq built on records due to a combination of factors, including a strong economy, moderating inflation, robust corporate profits, and investor confidence in the Federal Reserve. Additionally, positive commentary from Federal Reserve Chair Jerome Powell about the "disinflationary path" of recent economic data also contributed to the market rally.
How many traders expect a Federal Reserve rate cut in September?
About 3 in 4 traders expect a Federal Reserve rate cut in September, according to the CME FedWatch tool3. This expectation has increased following a jobs report that signaled continued cooling in the labor market.
What key testimony is Fed Chair Jerome Powell giving this week?
Fed Chair Jerome Powell is set to appear in Congress for his semiannual testimony on Tuesday and Wednesday. This event will be closely watched as Powell is expected to provide crucial insights on the Federal Reserve's monetary policy, particularly in light of recent economic developments and growing calls for rate cuts.