The 30-stock Dow closed at a record high on Monday, breaking with the S&P 500 and Nasdaq Composite, which were both lower.
Stock futures ticked down Monday after a slide in technology stocks pressured the S&P 500 and Nasdaq Composite, while the Dow Jones Industrial Average closed at a record high.On Monday, the Dow broke with the broader market and reached a new intraday high before pulling back. Still, the 30-stock index held on to enough of its gains to cement a fresh record close.
Stocks are trying to find stable footing after a brutal start to the month. Investors have grown more optimistic, however, after Federal Reserve Chair Jerome Powell signaled on Friday that the central bank's next move will be to cut benchmark interest rates. Powell did not specify when, or by how much, interest rates would be reduced. Traders are unanimously forecasting a rate cut at the central bank's Sept.
"It's going to take time for the cuts to go all over the economy...the market is doing some of the heavy lifting for the Fed, but there's a lot of question marks," Allianz chief economic advisor Mohamed El-Erian told CNBC's"Stocks futures were lower on Monday after the Dow Jones Industrial Average closed at a fresh record-high.
Futures tied to the 30-stock Dow edged down 24 points, or 0.06%. S&P 500 futures slipped 0.08%, while Nasdaq 100 futures fell 0.1%.
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