U.S. stock futures moved higher on Monday morning as investors await another interest-rate decision at the two-day Federal Open Market Committee (FOMC) meeting starting December 9. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.29%, 0.15%, and 0.01%, respectively, at 8:20 a.m. EST on December 8.
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Last week, the three major indexes closed higher despite volatile trading sessions. The Dow climbed about 0.5% and the Nasdaq Composite advanced around 0.9%. The S&P 500 rose roughly 0.3% last week.
Traders are pricing in a higher likelihood of a rate cut after Friday’s softer-than-anticipated reading for September’s Personal Consumption Expenditure (PCE) price index. According to CME’s FedWatch tool, traders are pricing in roughly an 88% chance of a 25-basis-point cut at this year’s final FOMC meeting.
Turning to trending stocks, IBM (IBM) shares were down 1.6% following the news of the tech giant’s $11 billion acquisition of Confluent (CFLT). In contrast, CFLT shares rallied 27%. Also, Carvana (CVNA) stock rallied 9.5% on news of its inclusion in the S&P 500 index. Meanwhile, Tesla (TSLA) stock trended lower after Morgan Stanley downgraded its rating for the electric vehicle (EV) maker to Hold on valuation concerns.
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