US stock futures steady, Wall Street hits record highs on rate cut hopes

From Investing.com: 2024-07-04 19:42:55

U.S. stock futures steady in thin holiday trade, focus on nonfarm payrolls for rate indicators. Record Wall Street highs due to soft economic data raising rate cut bets for September, offset by hawkish Fed signals. Nasdaq at 5,588.50 points, Dow at 20,387.25 points, S&P 500 at 39,655.0 points.

Wall Street braces for nonfarm payrolls data as job market expected to cool in June. Investor caution prevails after weaker labor market readings but surprises in past months keep market on guard. Fed closely monitoring labor market conditions in decision to cut interest rates.

Wall Street hits record highs on rate cut hopes despite payrolls caution. Nasdaq up 0.5% at 5,537.02 points, Dow up 0.9% at 18,188.30 points, S&P 500 down 0.1% at 39,308.0 points. Weak economic data fuels belief of a cooling U.S. economy and potential rate cuts by Fed in September.

Fed rate cut bets slightly down after minutes from June meeting. 66.3% chance for rate cut in September, down from 68.4% but up from previous weeks. Fed officials looking for more progress in inflation control before considering cuts, some even calling for rate hikes.



Read more at Investing.com: US stock futures tread water as nonfarm payrolls approach By Investing.com