New York stocks remained steady on Monday as a holiday-shortened week of trading got underway. Futures on the S&P 500 and the Dow Jones Industrial Average remained stagnant, while those on the Nasdaq 100 edged 0.2% upwards. This comes as investors become hopeful that the Federal Reserve will soon begin reversing its tight fiscal policy in an effort to combat inflation.
Following the release of economic data last week that pointed to signs of cooling inflation, markets have now priced a 30% chance that the Federal Reserve could implement its first interest rate cut as soon as March.
In order to get a clearer picture of the Fed’s economic outlook, investors will await the release of the minutes of the central bank’s meeting last week. Nvidia’s financial results are also awaited in order to gauge the artificial intelligence market. Both sets of results are due on Tuesday.