• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

US stock futures muted after Wall St hits record highs on tech gains, Powell talk

by December 5, 2024
written by December 5, 2024

Investing.com– U.S. stock index futures moved little on Wednesday evening, steadying after a record-high session on Wall Street amid persistent gains in the technology sector.

Investors were also encouraged by Federal Reserve Chair Jerome Powell flagging strength in the U.S. economy, which spurred flows into more economically sensitive sectors. 

S&P 500 Futures fell slightly to 6,095.50 points, while Nasdaq 100 Futures fell 0.1% to 21,515.50 points by 18:53 ET (23:53 GMT). Dow Jones Futures steadied at 45,099.0 points. 

Powell flags strength in the economy; Payrolls awaited 

Powell said the economy was in a better place than as it appeared in September when the Fed began cutting interest rates, allowing the Fed to be more cautious in considering further easing.

Speaking at a New York Times (NYSE:NYT) event, Powell also flagged progress towards bringing down inflation, although his comments likely indicated support for a slower pace of rate cuts.

His comments are likely his last public statements before the Fed meets on December 17 and 18, where the central bank is widely expected to cut interest rates by 25 basis points. 

But markets are uncertain over the longer term outlook, especially given that resilience in the U.S. economy could keep inflation sticky. President-elect Donald Trump’s protectionist trade policies are also expected to underpin inflation in the long term.

Still, investors latched on to the prospect of a stronger economy, sparking broad-based gains across Wall Street. Investors were also relieved by Powell not downplaying the prospect of a December cut.

Focus is now on upcoming nonfarm payrolls data for November, due on Friday. The reading is expected to show resilience in the labor market and is likely to factor into the outlook for U.S. interest rates. 

Tech gains put Wall St at record highs

Wall Street indexes finished at record highs on Wednesday amid a persistent rally in major technology stocks. Positive earnings from Salesforce Inc (NYSE:CRM)- which surged 11%- were a key driver of gains, as was a sustained rally in market darling NVIDIA Corporation (NASDAQ:NVDA). 

The S&P 500 rose 0.6% to a record high of 6,086.49 points, while the NASDAQ Composite rose 1.3% to a peak of 19,732.87 points. The Dow Jones Industrial Average ended up 0.7% at a record high of 45,014.04 points. 

Wall Street has been on a tear since Trump’s election victory in early-November, with analysts expecting more gains as 2024 draws to a close.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Chinese stocks lose foreign inflows amid rising investor caution – Morgan Stanley
next post
South Korea’s Yoon names new defence minister after botched martial law

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Trump Media & Technology Group in talks to buy Bakkt: FT
    • TikTok turns to US Supreme Court in last-ditch bid to avert ban

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy