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

25th Sep 2024 10:26

(Sharecast News) - Wall Street futures were mixed ahead of the bell on Wednesday following the Dow Jones' record close in the previous session.

As of 1240 BST, Dow Jones futures were up 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.04% and 0.19% lower, respectively.

The Dow closed 83.57 points higher on Tuesday, extending its record-setting rally for yet another session despite weak consumer sentiment data and disappointing manufacturing numbers from the Richmond Fed.

Trade Nation's David Morrison said: "As far as investors are concerned, it seems clear that the Fed is less concerned about inflation which it views as being on a 'sustainable' path towards its target. Instead, the Fed's focus has switched towards unemployment which has ticked up recently.

"Of course, the uptick in the unemployment rate could be for the 'good' reason in that more people are now actively looking for work as they sense a pick-up in the economy. But concerns will grow should payrolls continue to drop and thereby establish a downward trend. For now, investors seem to be taking advantage of the 'Goldilocks' scenario, whereby they can enjoy looser monetary policy against a broadly positive economic backdrop."

On the macro front, mortgage applications surged 11% in the week ended 20 September, according to the Mortgage Bankers Association of America, extending the previous week's 14.2% increase and lifting application volumes to their highest level in more than two years. Applications to refinance a home shot up 20% week-on-week, while applications to purchase a home were up just 1%.

Still to come, August new home sales will be out at 1500 BST.

No major corporate earnings were slated for release on Wednesday.

Reporting by Iain Gilbert at Sharecast.com