Investing.com– U.S. stock index futures were relatively flat in late-evening trading on Sunday, as the record-breaking rally on Wall Street showed signs of cooling off. Investors are now eagerly awaiting more cues on monetary policy and fresh developments in the Presidential Election.
The futures fell 0.1% to 5,141.75 points, while the futures steadied at 18,340.50 points by 18:53 ET (23:53 GMT). The futures also fell 0.1% to 39,098.0 points.
Wall Street indexes had surged to record highs on Friday, driven by an artificial intelligence-led rally in technology stocks. However, with signs of softening consumer sentiment and manufacturing activity, investors are now speculating on the possibility of an earlier interest rate cut by the Federal Reserve.
The rose 0.8% to a record close of 5,137.08 points on Friday, while the surged 1.1% to a record high of 16,274.94 points. The also rose 0.2% to 39,087.38 points, remaining close to recent peaks.
This week, all eyes are on Federal Reserve Chair Jerome Powell’s testimony before Congress on Wednesday and Thursday. Powell is expected to reiterate the Fed’s cautious stance on interest rates, but investors will be looking for any hints on a potential rate cut in June.
Additionally, the nonfarm payrolls data for February, set to be released on Friday, will provide further insights into the state of the labor market and could influence the Fed’s decision on interest rates.
In the political arena, Super Tuesday is in focus as fifteen U.S. states hold votes in the Presidential Primaries on March 5. The primaries are expected to set up a showdown between President Joe Biden and former President Donald Trump, but ongoing legal issues for Trump and criticism of Biden’s handling of international conflicts could complicate the 2024 elections.
Investors will also be watching for a response from Macy’s Inc (NYSE:) after the department store chain received a $6.6 billion takeover offer from an investor group.
Overall, the week ahead promises to be eventful for both the financial markets and the political landscape, with key developments expected to shape the future trajectory of the economy and the upcoming Presidential race.
