Traders Cautious After Last Week's Rate Cut, Stifling US Equity Futures Pre-Bell

MT Newswires Live09-23

US equity futures were little changed Monday premarket as traders searched for fresh catalysts after last week's interest-rate cut from the Federal Reserve.

The Dow Jones Industrial Average futures gained 0.1%, S&P 500 futures inched up 0.2%, and Nasdaq futures were up 0.3%.

Last Wednesday, the central bank's Federal Open Market Committee reduced interest rates to a range of 4.75% to 5%, versus a Bloomberg-compiled consensus indicating a 5% to 5.25% range.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.3% at $73.94 per barrel and US West Texas Intermediate crude up 0.4% at $71.28 per barrel.

The flash Manufacturing Purchasing Managers' Index, scheduled for release at 8:30 am ET, is seen coming in at 48.6 in September versus 47.9 in the previous reading, while the services PMI is seen coming at 55.3 for the month compared with 55.7 previously, according to estimates compiled by Bloomberg.

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