U.S. stock futures edged lower early Monday after the Dow and S&P 500 closed at record highs, as traders awaited the release of Personal Consumption Expenditures (PCE) data scheduled for September 26. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.39%, 0.32%, and 0.33%, respectively, at 5:23 a.m. EST on September 22.
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During Friday’s regular trading session, all three major indexes closed higher, with the Dow and S&P 500 extending their record-breaking rallies. The Dow Jones rose 0.37%, the S&P 500 gained 0.49%, and the Nasdaq Composite advanced 0.72%.
The Federal Reserve delivered the widely expected quarter-point rate cut, fueling renewed investor optimism. The central bank signaled two more rate cuts this year, pointing to a softening labor market, modest economic growth, and inflation that remains above the Fed’s 2% target.
For the week, all three major indexes finished in positive territory. The Dow gained 1%, the S&P 500 rose 1.2%, and the Nasdaq 100 advanced 2.2%, marking a third consecutive weekly increase.
There are no major economic releases scheduled for today. However, investor attention will turn to Friday’s release of the August PCE report, a key inflation indicator that influences the Fed’s monetary policy decisions. Other key data due this week include September’s S&P Global Manufacturing and Services PMIs, August figures on new and existing home sales, and the final estimate of second-quarter GDP.
With the second-quarter earnings season largely behind us, a handful of notable companies are set to report this week. The focus will be on Micron (MU), AutoZone (AZO), Accenture (ACN), CarMax (KMX), and Costco (COST).
Meanwhile, the U.S. 10-year Treasury yield was down, floating near 4.12%. WTI crude oil futures were trending higher, hovering near $63.04 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $3,756 per ounce on Monday.
Elsewhere, European stocks opened mostly lower on September 22 as traders reacted to President Donald Trump’s new H-1B visa order, which requires companies to pay a $100,000 application fee per worker.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed on Monday amid the White House’s increased H-1B visa fee. Meanwhile, the People’s Bank of China (PBC) left its lending prime rate (LPR) unchanged at 3.0%.
Hong Kong’s Hang Seng index dropped 0.76%. In China, the Shanghai Composite rose 0.22%, while the Shenzhen Component added 0.68%. Meanwhile, Japan’s Nikkei advanced 0.99%, and the Topix gained 0.49%.
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