Wall Street was headed for more losses before the opening bell today and is on track to log its third losing week out of the last four, according to the Associated Press. Futures for the S&P 500 were 0.5% lower before the bell, while futures for the Dow Jones Industrial Average fell 0.4%.
Excluding an election-week boom, stocks have been in a rut most of the past month following a red-hot six-week stretch early this fall. A still-strong economy and some mixed inflation reports in recent weeks have cast some doubt as to whether the Federal Reserve will cut its benchmark rate for the third time in a row when it meets for the final time in 2024 next month. Lower interest rates can act as fuel for the stock market, and the broad expectation that the Fed was ready to go on a rate-cutting binge put investors in a buying mood.
In equities trading, Domino’s Pizza and Pool Corp. both jumped around 6% on reports that Warren Buffett’s Berkshire Hathaway had taken significant positions in the companies. Berkshire also reportedly dumped most of its shares in cosmetics retailer Ulta Beauty, which tumbled 5% after hours.
In other dealings early today, U.S. benchmark crude oil lost 26 to $68.44 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gave up 30 cents to $72.26 per barrel.
The dollar fell to 155.21 Japanese yen from 156.23 yen.
