Futures for the S&P 500 gained 0.7% before the bell, while futures for the Dow Jones Industrial Average rose 0.6%.
A mixed set of economic reports Friday didn’t appear to alter Wall Street’s expectations that the Federal Reserve will keep its benchmark rate of above 5.25% unchanged when it wraps up its two-day meeting Wednesday. The U.S. central bank has raised its benchmark rate 11 times since March of 2022 in a bid to tame persistently elevated inflation.
That put benchmark index into what’s called a “correction.” Stocks have fallen the past three months as investors face the reality of higher interest rates, with Federal Reserve officials talking about keeping rates “higher for longer.” Over the weekend, more than 30 companies listed in China revealed intentions to conduct share buybacks and purchases after China announced a slew of measures aimed at stabilizing falling stock prices. The Shanghai Composite index rose 0.1% to 3,021.55.
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