Wall Street shifted between small gains and losses in premarket trading today, a day after anxiety over the potential for fewer interest rate cuts dragged markets to their worst day in weeks, according to the Associated Press. Dow futures rose less than 0.1% before the bell, while S&P 500 futures fell less than 0.1%.
Traders have already drastically reduced their expectations for how many times the Federal Reserve will cut interest rates this year, halving them from a forecast of six at the start of 2024. That’s in line with the three cuts that Fed officials themselves have hinted at.
In energy trading, benchmark U.S. crude added 85 cents to $86 per barrel. Brent crude, the international standard, rose 88 cents to $89.80 per barrel.
In currency trading, the U.S. dollar rose to 151.79 Japanese yen from 151.54 yen.
