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Stock market today: World shares are mostly higher as Wall Street gears up for an interest rate cut

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Shares are mostly higher in Europe and Asia as world markets await an expected interest rate cut by the Federal Reserve. Oil prices were mixed and U.S. futures edged higher. Traders also are awaiting U.S. retail sales data that will provide a glimpse into the state of the economy. On Monday, the Dow rose 0.6% to surpass its prior all-time high.

FILE - People walk in front of Tokyo Stock Exchange building in Tokyo, on May 28, 2024. FILE - A person stands in front of an electronic stock board showing Japan’s Nikkei index at a securities firm in Tokyo, on May 28, 2024. FILE - The American flag hangs from the front of the New York Stock Exchange on Sept. 10, 2024, in New York. FILE - People walk in front of Tokyo Stock Exchange building in Tokyo, on May 28, 2024.

Markets have been eagerly awaiting the decision by the Fed, which is expected to cut its key rate for the first time in more than four years after keeping rates high to tamp down inflation. The main question is how much relief for the economy the Fed will deliver. The S&P 500 index, which is much more comprehensive and widely followed on Wall Street, ticked up by 0.1%, ending at 5,633.09.

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