Wall Street futures fluctuated on Monday, with the S&P 500 and the Nasdaq on track to open higher, as investors geared up for a week packed with corporate earnings and economic data that will likely test stretched stock market valuations.
Their gains propelled the Dow Jones Industrial Average and the benchmark S&P 500 to record closing highs in the previous session. Year-over-year third-quarter earnings growth for the S&P 500 is estimated at 4.9%, according to data compiled by LSEG on Friday. While traders have dialled back expectations for an outsized 50-basis-point rate cut at the Fed’s November meeting following a string of strong labour market data, bets on a 25-basis-point reduction have stayed largely intact at around 84%, according to the CME Group’s FedWatch tool.
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