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US stocks inched up before the bell on Tuesday, poised to pick up on a winning streak as pro-rate-cut Fedspeak and China’s launch of aggressive stimulus lifted market spirits.
Dow Jones Industrial Average futures (YM=F) rose roughly 0.1%, while S&P 500 futures (ES=F) edged above the flatline on the heels of a record close. The tech-laden Nasdaq 100 (NQ=F) also rose 0.1.%.
Stocks have shown momentum as the prospect of a Federal Reserve interest rate-cutting campaign and an apparently resilient economy spurs confidence in a coming rally. Some on Wall Street now forecast the S&P 500 will hit 6,000 this year — a big milestone less than 5% away.
The Fed’s jumbo rate cut last week kicked off the rally, and on Monday, several policymakers hinted the door is open for more big moves. Next in the spotlight is Fed governor Michelle Bowman, whose comments on Tuesday could shed light on why she voted against the aggressive pivot.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
Also boosting the mood was China’s launch of a raft of stimulus measures, its biggest since the pandemic. Global stocks and oil (CL=F, BZ=F) rallied after the PBOC’s move to revive a slowing economy and support markets.
On the corporate front, beleaguered plane maker Boeing (BA) took what it called a “best and final offer” directly to striking factory workers after their union balked at putting it to a vote.
Live1 update
- Tue, September 24, 2024 at 6:09 AM PDT
China’s CSI 300 Index has best day in more than four years
Chinese stocks and bonds rallied Tuesday as China’s central bank unveiled its biggest stimulus package since the pandemic.
Govenor Pan Gongsheng announced plans to lower borrowing costs and inject further stimulus into the economy. In addition, the government will ease households’ mortgage repayments.
China’s benchmark index, the CSI 300 (000300.SS), rose more than 4.3% for its best day since July 2020.
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