US pre-open: Futures lower following Dow's record close

27th Aug 2024 11:01

(Sharecast News) - Wall Street futures were in the red ahead of the bell on Tuesday after the Dow Jones registered a fresh record close in the previous session.

As of 1245 BST, Dow Jones futures were down 0.08%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.06% and 0.02% weaker, respectively.

The Dow closed 65.44 points higher on Monday as comments from Federal Reserve chairman Jerome Powell at the central bank's economic symposium in Jackson Hole continued to give the blue-chip index a lift.

Market participants now unanimously believe the Federal Reserve will make a rate cut at its next meeting in mid-September, with traders expecting to see at least 25 basis points trimmed from its benchmark lending rate. However, Powell fell short of explicitly stating when a rate cut would occur or how large it may be.

On the macro front for Tuesday, June's S&P/Case-Shiller housing price index will be out at 1400 BST, while August consumer confidence figures and the Richmond Fed's August manufacturing index will follow at 1500 BST.

In the corporate space, retailer Nordstrom will post earnings after the close of trading.

Reporting by Iain Gilbert at Sharecast.com