U.S. stock futures were little changed Tuesday night after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision.
Dow Jones Industrial Average futures fell by 33 points, or 0.07%. S&P 500 futures were flat, while the Nasdaq 100 futures rose 0.02%.
Wall Street is coming off a second day of fresh records for the major averages. The S&P 500 rose 0.2% and topped 6,900 for the first time ever intraday, putting it on the cusp of a major milestone at 7,000. The Dow Jones Industrial Average climbed 162 points, or 0.3%. The Nasdaq Composite outperformed, advancing 0.8%.
Investors expect the stock market will continue to have its way so long as it’s able to make it through a rapid succession of tests this week. The Fed is widely expected to cut rates by a quarter point at the conclusion of its meeting Wednesday, but less certain is whether Chair Jerome Powell will strike a dovish tone in his post-meeting comments. Investors are counting on another interest rate cut from the central bank at its December meeting.
The five “Magnificent Seven” companies set to report this week are expected to continue spending on building data centers, but any disappointment from the megacap behemoths could hurt the broader market. Alphabet, Meta Platforms and Microsoft are set to report after the close on Wednesday. Apple and Amazon post results on Thursday.
