The major averages rose modestly on Monday, bringing the S&P 500 and the Dow to record closes.
U.S. stock futures were little-changed Monday after the S&P 500 and Dow Jones Industrial Average posted new record closes.
The gains were modest, but appeared to be a continuation of last week's rally after the Federal Reserve cut interest rates by a half percentage point. The fed funds rate now sits at a range of 4.75% to 5%.Rate-sensitive sectors such as utilities and financials have moved higher in recent weeks in anticipation of the Fed's cuts.
"There's been a lot moving underneath the surface. … You've seen the baton passed from these mega-cap stocks to the broader market," Hickey said on CNBC's" While traders have cheered the outsized rate reduction, the market will likely experience heightened volatility in the coming weeks, according to Quincy Krosby, chief global strategist for LPL Financial."Given how valuations have edged higher on the back of the market's post Fed momentum, the market will be highly sensitive to any indication that the economy is softening at a faster pace," she said.
Traders will mull over fresh economic data on Tuesday, with the Conference Board's consumer confidence reading for September due. The Richmond Fed manufacturing index for this month will also be out in the morning.
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