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US STOCKS-Futures edge higher on hopes of monetary stimulus

Published 09/09/2019, 07:21 PM
Updated 09/09/2019, 07:30 PM
US STOCKS-Futures edge higher on hopes of monetary stimulus
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* Futures up: Dow 0.20%, S&P 500 0.24%, Nasdaq 0.21%

By Uday Sampath Kumar
Sept 9 (Reuters) - U.S. stock index futures ticked higher on
Monday, as mixed global economic data drove expectations of
monetary stimulus from central banks, including the U.S. Federal
Reserve.
Stocks were set to extend gains from last week, which ended
with Fed Chairman Jerome Powell saying the Fed would "act as
appropriate" to sustain economic expansion, a phrase that
financial markets have read as signs of an interest rate cut
ahead. Bets of a potential rate cut by the Fed gained ground after
data showed the U.S. economy added fewer-than-expected jobs in
August.
Traders see a 91.2% chance of a quarter percentage point cut
in Fed's September policy meeting, up from 90% on Friday,
according to CME's FedWatch.
The European Central Bank is also expected to cut rates
later this week. The benchmark S&P 500 .SPX gained 1.8% last week as a slew
of positive global economic news, including China's decision to
slash bank reserve requirements, more than offset mixed set of
domestic economic data.
In company news, shares of Boeing Co BA.N fell 1% after it
suspended load testing of its new widebody 777X aircraft over
the weekend as media reports said a cargo door failed in a
ground stress test. At 7:03 a.m. ET, Dow e-minis 1YMcv1 were up 54 points, or
0.2%. S&P 500 e-minis EScv1 were up 7.25 points, or 0.24% and
Nasdaq 100 e-minis NQcv1 were up 16.75 points, or 0.21%.
Among other stocks, drugmaker Amgen Inc AMGN.O fell 4.2%
and was the biggest loser among S&P 500 stocks in premarket
trading.

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