Stock market today: Dow eyes 40,000 as faith in rate cuts lifts US futures

US stocks were taking a breather after a record-setting rally as signs of cooling inflation continued to spur bets for a Federal Reserve rate cut in September. S&P 500 futures were close to flat on the heels of closing above 5,300 for the first time. Contracts on the Dow Jones Industrial Average and the tech-heavy Nasdaq 100 were also little changed. Stock gains have picked up pace as belief grows that the US economy is headed for a soft landing.

Trader bets on a Fed rate cut in September rose to over 70%, per the CME FedWatch Tool, amid rising speculation about an easing as soon as July. Read more: How does the labor market affect inflation? Investors also jumped into bonds, sending the 10-year Treasury yield down near one-month lows at around 4.33%. On the corporate front, Walmart's posted quarterly profit, revenue and same-store sales beat Wall Street estimates.

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Stock market today: Dow snaps 8-day win streak, GameStop soars as meme frenzy reignitesAttention is on this week's CPI report, seen as a potential starting gun for Fed rate cuts.
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Stock market today: Dow nabs 8th straight winning session, S&P 500 marches back toward record highInvestors are listening out for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.
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Stock market today: Stocks rise, Dow eyes 8th straight win as rate-cut hopes aboundInvestors are listening out for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.
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Stock market today: US futures rise, Dow eyes 8th straight win as rate-cut hopes aboundInvestors are listening out for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.
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Stock market today: Dow eyes 8th straight win as rate-cut hopes buoy stocksInvestors are listening out for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.
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Stock market today: Dow pops for 7th straight day as S&P 500 climbs back above 5,200Stocks have lost their bounce after a growing chorus of Federal Reserve officials made it clear that interest rates will need to stay higher for longer.
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