A trader is working on the New York Stock Exchange (NYSE) floor in New York, USA, on Monday, August 23, 2021.
Michael Nagle | Bloomberg | Getty Images
Futures of U.S. stocks remained steady in trading overnight on Sunday, as investors prepared for the final trading days of August.
Dow futures rose just 11 points. The S&P 500 futures changed little and the Nasdaq 100 futures traded around the flat line.
Actions could remain limited until the release of the August work report on Friday. Economists surveyed by Dow Jones predict that 750,000 jobs were created in August and the unemployment rate fell to 5.2%.
Monday and Tuesday mark the last two business days of August. So far, the S&P 500 rose 2.6% in August. The Dow Jones Industrial Average and the Nasdaq Composite rose 1.5% and 3.1% this month, respectively.
The S&P 500 and Nasdaq Composite closed all-time highs on Friday as investors breathed a sigh of relief after Federal Reserve Chairman Jerome Powell indicated that the bond cut could begin this year, but the central bank did not is in a hurry to raise interest rates.
Powell said inflation hovered around the central bank’s 2% target rate, one of the Fed’s dual-term targets; however, the Fed chairman has also explained why he still thinks the current rise in inflation is transitory and will eventually go down to the target level.
Based on statements from other Fed officials, a reduced announcement could occur as soon as the Fed meeting from September 21-22 took place. Powell said the central bank has “a lot of ground to cover” to achieve its other maximum occupancy target.
Friday’s gains added to a strong week for major averages. The Dow finished 0.9%, while the S&P 500 added 1.5% and the Nasdaq Composite gained 2.8% last week.
With the Fed meeting at Jackson Hole in the near future, investors are now focusing on the direction of stocks in the last months of the year. The S&P 500 is up more than 20% in 2021, but the market is also absorbing maximum policy stimuli, accelerating maximum profits and boosting maximum reopening.
Oil futures rose marginally, as commodities proved to have minimal reaction to Hurricane Ida. WTI crude futures rose 0.8%.
Cloudera and Zoom Video report gains after Monday’s bell.