Investing.com -- U.S. stock futures largely edged lower Tuesday, as investors digested comments from Federal Reserve Chair Jerome Powell ahead of a raft of important economic data.
By 06:10 ET (10:10 GMT), the Dow Futures contract was down 145 points, or 0.3%, S&P 500 Futures traded 6 points, or 0.1%, lower, while Nasdaq 100 Futures climbed 20 points, or 0.1%.
The blue chip Dow Jones Industrial Average and the broad-based S&P 500 posted record closing highs on Monday as the Fed’s decision to cut interest rates by 50 basis points early in the month resulted in a positive September, historically the weakest month for the stock market.
All three of the main averages on Wall Street advanced in both September and the third quarter, the first positive September for the S&P 500 since 2019.
The S&P 500 is now up more than 20% this year - the first time since 1997 that the benchmark index has risen 20% or more through the first nine months of the year.
Powell reins in major cut expectations
The new month has started with Wall Street on the back foot after Fed chief Jerome Powell reined in expectations of another hefty rate cut this month, saying the committee doesn't feel "like it’s in a hurry to cut rates quickly" and that the process of lowering the fed funds rate will "play out over time."
Goldman Sachs strategists said they see Powell’s remarks “as consistent with our forecast for 25bp cuts in November and December.”
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