Stock market today: US futures hold steady near records with Fed rate cut baked in

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Morgan Stanley News

Bank Of America,Charles Schwab,Jerome Powell

Investors assessed another batch of big bank earnings and looked to fresh retail data amid growing conviction an interest-rate cut is near.

US stocks inched higher on Tuesday, as investors assessed another batch of big bank earnings amid growing conviction an interest-rate cut is near.the Federal Reserve is gearing up to start lowering rates soon, given recent good inflation prints. Retail sales data on Tuesday will be scoured for clues to price pressures.

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"Slowing GDP + accelerating EPS has been the best backdrop for stocks," Bank of America said in a note on Monday. -Cleveland-Cliffs will buy Canadian steelmaker Stelco Holdings for C$3.85 billion , it said on Monday, marking its first acquisition since a failed bid for rival U.S. Steel last year. North American steel producers have been consolidating to reduce production costs in the face of cheap imports from China that have weighed on the industry.

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