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Stock market today: US futures hold steady near records with Fed rate cut baked in

iconyahoo.com

2024-07-16 20:00

Stock market today: US futures hold steady near records with Fed rate cut baked in
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  US stocks inched higher on Tuesday, as investors assessed another batch of big bank earnings amid growing conviction an interest-rate cut is near.

  Dow Jones Industrial Average futures (YM=F) traded little changed after the blue-chip index topped 40,000 to notch an all-time closing high. Futures on the S&P 500 (ES=F) were up 0.1%, while those on the tech-laden Nasdaq 100 (NQ=F) edged up 0.2% on the heels of their own daily wins.

  Earnings season picked up pace before the bell, with Bank of America (BAC) and Morgan Stanley (MS) the latest to report. BofA quarterly profit fell but beat estimates, while MS profit jumped, both offering signs of an investment banking revival. Results from Morgan Stanley (MS), Charles Schwab (SCHW), and UnitedHealth (UNH) are also on Tuesday's docket.

  More broadly, stocks are holding onto gains after Jerome Powell signaled the Federal Reserve is gearing up to start lowering rates soon, given recent good inflation prints. Retail sales data on Tuesday will be scoured for clues to price pressures.

  The Fed chair's remarks boosted faith in a September cut — a prospect that has already wakened wider bullishness for stocks beyond techs.

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