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the three major indexes marked their fourth straight week of
gains on Friday as upbeat corporate earnings and
softer-than-expected inflation data supported hopes for interest
rate cuts this year.
Both the benchmark S&P 500 and the tech-heavy Nasdaq touched an
all-time high last week, while the blue-chip Dow closed above
the 40,000 level on Friday.
Investors are keenly awaiting quarterly results from artificial
intelligence (AI) chip leader Nvidia and minutes of the Fed's
latest monetary policy meeting, both scheduled for Wednesday.
"The minutes will sound more hawkish on the margin than Chair
Powell's press conference, as other members on the committee
were more concerned than Powell about whether policy was doing
enough," analysts at Bank of America said in a note.
With few clues so far from Fed officials on the timing for rate
cuts, investors will parse remarks from rate-setters including
Raphael Bostic, Michael Barr, Christopher Waller and Philip
Jefferson during the day.
Traders expect a near 82% chance that the Fed will cut rates by
at least 25 basis points in September, according to the CME's
FedWatch Tool.
On the economic data front, weekly initial jobless claims, S&P
global flash PMI readings and durable goods data are due through
the week.
Global market participants were also closely watching out for
developments around the death of Iranian President Ebrahim Raisi,
a hardliner seen as a potential successor to Supreme Leader
Ayatollah Ali Khamenei, in a helicopter crash.
At 5:29 a.m. ET, Dow e-minis were up 6 points, or 0.01%, S&P 500
e-minis were up 4.75 points, or 0.09%, and Nasdaq 100 e-minis
were up 26 points, or 0.14%.
Paramount Global climbed 3% premarket after a report Sony
Pictures Entertainment and Apollo Global Management have signed
non-disclosure agreements that will allow them to look at the
U.S. media company's books ahead of a potential bid for its
assets.
Johnson Controls International jumped 4.6% following a report
that activist investor Elliott Investment Management had built a
position worth over $1 billion in the building solutions
provider.
(Reporting by Ankika Biswas in Bengaluru; Editing by Devika
Syamnath)
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