U.S. stock index futures showed little movement in evening trading on Tuesday after Wall Street experienced its first decline in nine sessions. Investors are turning their attention to the upcoming Jackson Hole Symposium and further indications on potential interest rate cuts.
On Tuesday, Wall Street’s indices closed slightly lower, bringing an end to an eight-day winning streak. The pullback was marked by losses in major technology stocks and a drop in energy stocks, which followed a decline in oil prices.
The S&P 500 futures held steady at 5,620.25 points, while Nasdaq 100 futures dipped 0.1% to 19,797.25 points as of 19:04 ET (23:04 GMT). Dow Jones futures saw a modest increase of 0.1%, reaching 40,972.0 points.
Wall Street’s Winning Streak Ends as Jackson Hole Symposium Approaches
Wall Street indices fell on Tuesday, snapping an eight-day rally that had overcome earlier market volatility. The decline came as investors grew cautious ahead of the Jackson Hole Symposium later this week, where Federal Reserve Chair Jerome Powell is scheduled to speak.
Market participants are anticipating dovish comments from Powell, particularly in light of recent signs of moderating inflation. However, Powell is not expected to provide a concrete plan for a September interest rate cut.
Despite this, the Federal Reserve is widely expected to lower rates next month, with markets currently pricing in a 67% probability of a 25 basis point cut and a 33% chance of a 50 basis point reduction, according to CME FedWatch.
The recent rally in Wall Street was fueled by optimism over lower interest rates, and any additional supportive signals from the Fed could further bolster market gains.
On Tuesday, the S&P 500 fell 0.2% to 5,597.12 points, the NASDAQ Composite dropped 0.4% to 17,814.98 points, and the Dow Jones Industrial Average decreased by 0.2% to 40,834.97 points.
La-Z-Boy Inc. Shares Fall on Weaker Guidance
Furniture manufacturer La-Z-Boy Incorporated (NYSE: LZB) saw its shares decline by 4% after weaker-than-expected guidance overshadowed strong earnings results.
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