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Despite attempts by policymakers to temper the optimism since,
traders have priced in a 67% chance of the Fed cutting rates by
25 basis points in March, as per the CMEGroup's FedWatch tool,
and cuts of 143 bps by December 2024. [FEDWATCH]
The S&P 500 marked a seventh straight week of gains on Friday,
its longest winning streak since 2017, while the blue-chip Dow
is trading near all-time highs.
Housing starts number for November is due at 8:30 a.m. ET.
Investors are awaiting a slew of economic data this week, with
focus on the final reading of third-quarter GDP on Thursday,
followed by monthly personal consumption expenditure index (PCE)
on Friday, the Fed's preferred inflation gauge.
San Francisco Fed President Mary Daly said on Monday that cuts
to the U.S. central bank's benchmark rate are likely be
appropriate next year because of an improvement in inflation
this year, the Wall Street Journal reported.
Fed Atlanta President Raphael Bostic and Fed Chicago President
Austan Goolsbee are scheduled to speak later in the day. Daly
and Bostic are voting members in the FOMC's rate-setting
committee next year.
At 5:36 a.m. ET, Dow e-minis were up 21 points, or 0.06%, S&P
500 e-minis were up 3.25 points, or 0.07%, and Nasdaq 100
e-minis were up 4.5 points, or 0.03%.
Apple shares were flat in premarket trading after the company
said it would pause sales of its Series 9 and Ultra 2
smartwatches in the United States from this week, as it deals
with a patent dispute over the technology that enables the blood
oxygen feature on the devices.
PepsiCo slipped 0.6% after J.P. Morgan downgraded the stock to
"neutral" from "overweight".
Plug Power fell 3.4% after Piper Sandler downgraded the hydrogen
fuel cell firm to "underweight".
(Reporting by Sruthi Shankar in Bengaluru; Editing by Maju
Samuel)
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