US stock futures rise on rate cut optimism, positive earnings, and Trump's increased odds

From Investing.com: 2024-07-16 06:47:27

U.S. stock index futures rose on Tuesday, with increasing optimism over interest rate cuts and bets on Trump securing a second term. Dow futures gained 18 points, S&P 500 climbed 10 points, and Nasdaq rose 36 points.

Wall Street closed higher Monday, driven by hopes of interest rate cuts. The S&P 500 reached a record high, up 0.5%, while the Dow rose 0.3% and the Nasdaq climbed 0.4%. Fed Chair Powell’s comments on lower inflation boosted rate cut bets.

Despite an assassination attempt on Trump, Wall Street remained unfazed. Trump’s presidential odds have increased, with Ohio Senator J.D. Vance named as his running mate. Trump Media & Technology Group jumped 30%.

Wall Street saw positive earnings from Goldman Sachs, with Bank of America, Morgan Stanley, and Charles Schwab set to report. U.S. retail data for June is expected to show a 0.3% decrease.

Crude prices fell on concerns of a slowing Chinese economy, with U.S. crude futures dropping 0.9% and Brent contract falling 0.8%. China saw its weakest growth since 2023.



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